20 March, 2018 By: Sneha Das Gupta
The global meetings and events industry is growing rapidly, and is evolving at a faster rate for professionals involved in the pharmaceutical segment. The Patient Protection and Affordable Care Act, also known as Obama Care, marked the advent of a new era for pharmaceutical meeting planners. As a result of the new laws and guidelines, expansive data reporting is now required from Pharmaceutical meeting planners. More importantly, there are huge fines and penalties for failure to report on these huge amount of data about the meetings conducted and attended by pharmaceutical companies and Healthcare Professionals (HCPs).
Different laws and guidelines exist for Pharmaceutical companies, such as the Patients Protection and Affordable Care Act, Physicians Protection Sunshine Act, EFPIA Code affect the Meetings and Events Industry. Every country or state has different codes. A majority of the firms in the Pharmaceutical meeting industry are in US and Europe; hence, regulations passed in these regions dominate the global meeting scenario. Large pharmaceutical and life sciences companies, who have realized the magnitude of the opportunities available, have already started incorporating compliance policies in their meeting strategies. They have achieved savings of 15–30%. Still, many companies are not abiding by the rules and always face the high risk of facing huge penalties.
This whitepaper will shed light on the following aspects:
• Major laws in the U.S. & UK on compliance which impact medical meetings
• Impact of compliance on meeting sourcing
• Use of technology in HCP compliance
• Best fit suppliers of pharmaceutical meetings
• Structure of the HCP compliance reporting that can be adopted by companies for conducting a meeting
• Expertise of service provider to conduct meetings by paying heed to every aspect of compliance