MediSpend: A Best-in-Class End-to-End Compliance Solution

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Craig Hauben, Chief Executive Officer
Navigating the challenge of compliance in the life sciences industry has become harder but still remains prerequisite if a company aims to survive. Until recently, compliance programs primarily used retrospective monitoring and manual processes which left compliance officers with a significant risk of not meeting their global compliance requirements. Not ensuring global compliance can put companies at risk of incurring significant fines and governmental sanctions for reporting errors and non-compliance as well as a bad reputation. It’s also important to have evidence of the policy controls that companies apply as well as a repository that can support the audit needs to produce evidence of those controls and policy consistency. This is where MediSpend comes in with the MediSpend Global Compliance Suite that offers an easy way to manage the risks involved in partnering with and paying healthcare professionals (HCPs) and healthcare organizations (HCOs).

MediSpend is a global technology company providing best-in-class solutions for the life sciences industry. They offer a robust compliance system of record for some of the world’s largest pharmaceutical, medical device, dental and emerging biotech companies. Developed by an innovative team, the MediSpend Global Compliance Suite represents the industry’s first global SaaS solution—purpose-built to manage the end-to-end process of HCP engagement through transparency reporting, which includes software that manage external grant requests. All of the MediSpend solutions are designed to help life sciences companies facilitate compliance with global healthcare laws while streamlining business processes. “Our software solutions help life sciences companies mitigate risk and potentially save tens of millions of dollars in penalties. It is considered to be the best purpose-built suite of SaaS-based compliance offerings in the market and our customer service is second to none,” prides Craig Hauben, Chief Executive Officer at MediSpend.

The MediSpend Global Compliance Suite consists of a modular suite of SaaS-based solutions: Engagement Manager, Transparency Solution, Grants Manager, Study Manager and Insights, which showcases its analytical capabilities via dashboard reporting, ad-hoc and self-service analytics.
Although these offerings can be utilized separately, together they represent a unified, end-to-end solution specifically designed to address global regulatory compliance laws across the life sciences industry. To better elaborate, MediSpend Engagement Manager is a global compliance solution with embedded compliance controls designed to identify and mitigate risks associated with HCP engagements. It helps organizations manage the end-to-end engagement lifecycle on a SaaS-based platform. MediSpend Transparency Solution collects, remediates, validates, analyses and reports transfers of value to comply with state, federal and global transparency laws and codes. Next, MediSpend Grants Manager manages internal and external funding and product requests through a secure portal ensuring seamless communication, the ability to track and report out on the workflow, and a more effective and efficient process. MediSpend Study Manager is a compliance solution designed for non-pharmaceutical company researchers to request, track and manage investigator-initiated clinical studies-trials (IIS/ IIT). MediSpend Insights is embedded in the MediSpend solution and provides integrated, real-time data to users at the touch of a button. Responsive dashboards make data available on any internet-enabled device, provide direct links to source system data and alerts to compliance risks. Furthermore, life science companies are now provided with the analytics they need to predict issues before they occur.

MediSpend has moved to the top of the market with its Transparency Solution and is becoming number one in its other lines of business. The company’s 72 percent win rate in 2020 is a significant achievement for MediSpend as a whole, as it highlights the strength of its people, products and service. “We are proud of what our stats say about us and our products. With 97 percent of clients reporting as overall satisfied and 94 percent satisfied with our products, it is no wonder that more than 90 percent of our 100+ clients are willing to be client references. As the market has consolidated around our solutions and a few others, our growth has accelerated and even the largest life sciences companies in the world are now our customers. With our clients as our biggest advocates, and one of our best marketing vehicles, we continue to sell more year after year and maintain a great growth rate,” concludes Hauben.

MediSpend News

MediSpend Reports Record-Breaking Year in 2020 Despite COVID-19

PORTSMOUTH, NH — MediSpend, a global technology company providing best-in-class compliance solutions for the life sciences industry, reports 33% growth by welcoming 25 new clients and launching two new solutions.

“With 97 percent of our clients reporting as overall satisfied and 94 percent satisfied with our products, it is no surprise that we have welcomed 25 new clients ranging from pre-commercial companies seeking assistance with establishing their compliance program by leveraging MediSpend solutions to top-tier pharmaceutical and medical device firms,” said vice president of client services, Suj Patel.

In addition to growing its client base in 2020, MediSpend has expanded its Global Compliance Suite to include two new SaaS-based solutions. Grants Manager and Study Manager were launched in late summer and are specifically designed to manage the entire workflow process of grant funding requests between healthcare professionals (HCPs), healthcare organizations (HCOs) and life sciences companies. The addition of these two new solutions continues MediSpend’s focus of offering a unified, end-to-end solution specifically designed to enable life sciences companies to manage high-risk business functions to ensure compliance.

“The market feedback we’ve received from our launch of Grants Manager and Study Manager has been outstanding,” said chief commercial officer, Seth Houston. “Our flagship products continue to be favored by the market. Transparency Solution has quickly become the market leading global transparency reporting solution available, and Engagement Manager continues to experience tremendous growth with life sciences companies to help them mitigate risk associated with cross-border HCP engagements.”

MediSpend has been recognized for several achievements in 2020, including awards from CIO Review, which celebrated MediSpend’s Global Compliance Suite as one of the top compliance solutions in the life sciences industry. Prime View highlighted MediSpend as one of the best places to work and Industry Era applauded MediSpend’s chief executive officer, Craig Hauben, as a top CEO of the year.

“Despite COVID-19, we continue to expand our product suite and build out our partnerships to develop the best solutions in the market,” said Hauben. “Our success and outstanding growth this year is attributed to our team-oriented and collaborative culture, best-in-class SaaS-based offerings and our exceptional client reputation.”

Company
MediSpend

Headquarters
Portsmouth, NH

Management
Craig Hauben, Chief Executive Officer

Description
MediSpend is recognized as a global technology company that pioneers in providing best-in-class transparency reporting and compliant HCP engagement software solutions for the life sciences industry. It serves as a powerful compliance system of record for some of the world’s largest life sciences companies. The company helps a wide range of pharmaceutical, biotech, medical device and dental companies in 96 countries around aggregate enterprise data securely and accurately to comply with global compliance laws. The MediSpend Compliance Solutions team offers full-service solutions based on its clients’ current business needs