MORRISTOWN, NJ – April 5, 2021 – Porzio Life Sciences, the leading provider of compliance solutions for the life sciences industry, today launched a market-leading solution that allows life sciences companies of all types to satisfy their spend transparency reporting obligations in the United States and 46 additional countries within a single platform. With its release today, Porzio Global Spend Transparency (GST), Version 5.0 reflects the evolution of Porzio Life Sciences’ U.S. and global transparency reporting platform. In this most recent version, Porzio GST offers the market a single platform for U.S. and global transparency reporting with the ability to aggregate transparency data across business units and jurisdictions in real time which facilitates anti-kickback and FCPA review, and analysis of interactions with physicians and other health care providers.
Through the federal Physician Payments Sunshine Act and hundreds of other regulations around the world, life sciences companies are required to report their spending with health care providers and other entities. Porzio GST automates and manages that reporting process so that companies can collect, manage, and report data efficiently and accurately in the U.S. and around the world. It is the only transparency reporting solution to incorporate comprehensive and up-to-date information on global transparency laws, ensuring customers’ reports comply with ever-changing regulations in the U.S. and abroad.
“Health care challenges are global. Pharmaceutical sales and marketing efforts are global. The life sciences industry as a whole is global, and the launch of this product reflects our view of the expanding global compliance landscape,” said John Oroho, executive vice president and chief strategy officer at Porzio Life Sciences. “We’re proud to offer a reporting tool that will allow companies to collect, analyze, and leverage their transparency data while simplifying the compliance process in a worldwide regulatory environment that is only getting more complex.”
Porzio GST’s features include:
- Expert product support: From product implementation through the reporting process, Porzio GST customers are supported by a team of regulatory experts—live, on-call, and never outsourced.
- Real-time data aggregation: Porzio GST is our updated transparency solution that aggregates customer data across countries, business units, and affiliated entities, giving customers a better look at their own operations.
- Worldwide monitoring, analytics, and functionality: Porzio GST supports reporting in more than 40 countries, languages, and currencies.
- Cloud hosting: The cloud-based system is secure, accessible anywhere, and GDPR-compliant.
- Integrated regulatory guidance: Porzio GST is backed by the market’s only comprehensive legal database for U.S. and global transparency regulations, laws, and codes.
Designed to work for biotech start-ups as well as it does for multinational pharmaceutical manufacturers, Porzio GST includes regulatory information at the federal level, from all 50 U.S. states, and for the more than 40 countries that require transparency reporting. “This is a product that grows with companies as they mature,” said Oroho.
For U.S. customers, Porzio GST supersedes a previous transparency reporting product offered by Porzio Life Sciences that was limited to domestic reporting. Customers of that product will continue to be supported through the end of their contracts.
Porzio GST forms one piece of the larger Porzio Life Sciences platform, which offers comprehensive compliance solutions to life sciences companies across every step of the compliance life cycle. It is built on the foundation of Porzio Compliance Digest, the company’s “Library of Congress” for life sciences compliance, and Porzio Third Party Engagement, which allows life sciences companies to efficiently and effectively manage high-risk and HCP engagements. Each solution in the suite is “built from the law,” and supported by an in-house team of regulatory analysts, lawyers, data scientists, compliance experts, and technology developers.
More information on Porzio GST can be found on the new Porzio Life Sciences website at www.PorzioLifeSciences.com.