IDC Health Insights Research Reveals Aggregate Spend Compliance Can Yield A Strategic Advantage
FRAMINGHAM, MA – March 30, 2011 – Aggregate spend compliance is the most disruptive force affecting pharmaceutical sales and marketing today, a new report published by IDC Health Insights reveals. The new study,Business Strategy: Aggregate Spend Compliance — The Next Frontier of Pharmaceutical Sales and Marketing (Doc #HI226907, February 2011), provides a snapshot of the industry's current state of readiness for aggregate spend compliance, illustrates various approaches that companies are employing, identifies IT strategies being utilized, and features best practices and lessons learned by companies that are furthest along this journey toward compliance. The report also provides a short list of vendors to consider when approaching this initiative.
According to the report, the pharmaceutical companies that utilize this compliance initiative as an opportunity to optimize sales and marketing intelligence stand to gain a strategic advantage.
"The 2013 deadline for aggregate spend compliance is quickly approaching," said Eric Newmark, research manager at IDC Health Insights. "The cumulative effect of state-level aggregate spend regulations, gift bans laws, the updated PhRMA code, and the Physician Payment Sunshine Act, have rendered most soft-dollar sales tactics obsolete. The pharmaceutical industry, which is already challenged by siloed data, must now aggregate all data in a consistent and repeatable manner, and regularly report spend in a transparent fashion to multiple regulatory bodies."
In this new report, IDC Health Insights outlines a four-step process designed to help manufacturers achieve aggregate spend compliance. These include: planning and identifying information to be aggregated; integrating data across the enterprise to create spend transparency; programming the required IT to track and report spend; and finally, preventing non-compliant behavior. IDC Health Insights research indicates that by initiating a fifth step – optimizing and refining business processes based upon newfound visibility – companies can analyze how to best spend promotional dollars and maximize ROI.
"While aggregate spend compliance will require much effort and investment, the results will provide pharmaceutical companies with an integrated, single view of HCP data, yielding many new analytical opportunities for sales and marketing," continued Mr. Newmark. "Companies should not view this as simply another compliance initiative, and instead should seize the moment as an opportunity to streamline existing business processes and create a strategic advantage."
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About IDC Health Insights
IDC Health Insights assists health businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the payer, provider and life sciences industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc-hi.com, email firstname.lastname@example.org, or call 508-935-4445. Visit the IDC Health Insights Community at http://idc-insights-community.com/health.