Companies in the Life Sciences industry face a multitude of challenges, including
- Complex Regulations and Compliance Requirements: FDA and state regulations, such as Code of Federal Regulations (CFR) Title 21 Part 11, California SB 1765, and the Physician Payment Sunshine Act continually impact the operations of life sciences and pharmaceutical industries.
- Increasing importance of physician and patient relationships: The company’s success hinges on effective management of providers, physicians, patients, and other critical stakeholders.
- Intense Competition: Patent expirations and globalized market requires enormous marketing investments with high ROIs.
These challenges hinder the firms from achieving a complete 360o view of their physicians and providers, which in turn result in
- Large fines and liabilities due to non-compliance
- Low marketing ROI
- Inability to defend against competitors such as generic drug companies
LumenData can help you address these challenges with our unique Life Sciences offerings that include our Predictive Analytics and Physician Mastering platforms coupled with Master Data, Data Quality, and Data Governance services.