In recent years, anti-bribery and anti-corruption enforcement penalties have been increasing in number and size, and recent actions illustrate that third parties continue to be a concern. For life sciences companies, managing these risks is crucial to complying with laws such as the US Anti-Kickback Statute, the Foreign Corrupt Practices Act and the UK Bribery Act. Compliance professionals consistently rank third-party risks among the top threats, yet many organizations only uncover these risks after due diligence is performed and the initial onboarding has begun. As third-party relationships grow in number and complexity, especially in the life sciences industry–where partners range from healthcare entities and charitable organizations to government agencies and sales distributors–the stakes get higher.
In today’s fast-paced world, the success of your business depends on the strength and compliance of your third-party relationships. Proactive third-party due diligence isn’t just a safeguard–it’s a strategic advantage. By thoroughly vetting and continuously monitoring your third-party relationships, you build stronger and more compliant partnerships, protect your company’s reputation and meet regulatory requirements. With the right due diligence program in place, you don’t just mitigate risks—you seize new opportunities.
Streamline Compliance With MediSpend’s All-In-One Solution
MediSpend’s third-party due diligence solution simplifies the vetting process, going beyond standard background checks to offer a dynamic, comprehensive approach. From a single, user-friendly dashboard, you can send out custom compliance questionnaires that evaluate factors such as financial stability, legal standing, ethical practices and regulatory adherence. Deploy pre-built assessments aligned with industry standards, or create custom workflows tailored to your unique business needs. Our solution automates the entire process, saving you time and resources. With access to the world’s most comprehensive anti-bribery database, including over 500 regulatory lists and 8 million adverse media profiles, you’ll have the insights to make smarter, faster decisions, keeping your business compliant and primed for compliant growth. Our advanced risk-scoring methodologies enable you to prioritize the highest-risk partners and focus your resources effectively. With MediSpend, your risk management evolves into a competitive edge.
Stay Ahead With Risk-Based Auditing and Monitoring
Why wait for issues to arise when you can prevent them from happening in the first place? MediSpend’s risk-based auditing and monitoring solution provides full visibility into the compliance health of your third parties. Our centralized platform consolidates all your compliance data into one place, making it easy to focus on high-risk partners and act strategically. Real-time insights from interactive dashboards and detailed reports enable you to make more informed decisions quickly. With continuous monitoring, you’ll always be informed of changes in your third-party relationships, helping you stay ahead of potential risks. With MediSpend, your business isn’t just compliant—it thrives.
Drive Business Growth With a Comprehensive Due Diligence Program
A strong third-party due diligence program is more than just a compliance tool– it’s a strategic investment in your company’s future. Minimizing the risks of non-compliant or unethical partners protects your business from costly legal penalties and reputational damage. Our automated platform makes the entire vetting and monitoring process seamless, enabling your team to work more efficiently while building stronger, more trusted partnerships. By prioritizing third-party due diligence, you position your organization for long-term success in today’s complex and highly regulated environment. Let MediSpend handle the risks, so you can focus on driving business growth. To learn more, contact us today.
Jay Ward
Director, Life Sciences Solutions
October 30, 2024