Aggregate Spend / Transparency Reporting (Sunshine Provision)
Transparency reporting regulations (e.g., Sunshine Act) impose new reporting requirements on the pharmaceutical industry. These regulations mandate government reporting and public disclosure of varying transfers of value from pharmaceutical companies to healthcare professionals and organizations. Transfers of value are defined broadly and include consulting, honoraria, gifts, entertainment, travel, medical education, research, royalties, grants, and many other scenarios through which value can be transferred.
Whether a company has prepared or is planning solutions around transparency reporting, a process centric approach has the benefit of seamlessly connecting and controlling the multitude of processes and functions through which value transfers must be captured and aggregated. A process centric approach provides a low impact integrated approach to compliance that ensures all personnel observe guidelines and procedures without the need for add-on systems and separate overlay processes and compliance checks or audits. The Princeton Blue Transparency Reporting solution provides visibility into and management of the key business processes (as it relates to value transfer), ensures compliance with the spend and reporting requirements and, most importantly, builds a base pharmaceutical companies can use to deploy and integrate future regulatory change and compliance requirements..
The Princeton Blue team has experience in developing transparency compliance and reporting strategy and vision, program scope, process integration, and technology implementation. Additionally, our team understands the implications and complexities in the transfer of value processes and the pitfalls of some of the key decisions that have to be made during the initiative – we’ve implemented transparency reporting solutions for some of the largest pharmaceutical companies.