Porzio Life Sciences, LLC (PorzioLS) announces the development of a Global Spend Transparency solution, Porzio GST®. The system provides an easy-to-use, configurable interface that will enable companies to capture and manage data elements necessary for meeting their reporting obligations in ex-US countries. The solution will launch January 2015.
Porzio GST is PorzioLS' second expansion of services related to global transparency requirements. Earlier this year, PorzioLS launched the International Life Sciences Transparency Database of the Porzio Compliance Digest. This database contains invaluable guidance on ex-US disclosure obligations pertaining to healthcare professional (HCP) and healthcare organization (HCO) payments. PorzioLS is leveraging its extensive regulatory and operations experience related to US transparency and Sunshine Act requirements in order to build Porzio GST, a robust, flexible and user-friendly tool for global transparency.
According to John Patrick Oroho, Executive Vice President and Chief Strategy Officer of PorzioLS, "As legislation and self-regulatory codes continue to develop, Porzio GST will simplify ex-US cross border complexities for global life sciences companies. The solution allows for user customization and accessibility to any data in the system, from any screen. All information is linked and cross-referenced to provide customer options for a companies' specific and changing needs."
Initially, Porzio GST will enable companies to capture data and generate reports pursuant to European, Australian and Japanese requirements, in almost 40 jurisdictions. In line with cross border jurisdiction definitions and data privacy guidelines,the solution will facilitate the collection and aggregation of data and assessment of HCP consent.
D. Jeffrey Campbell, President and CEO of PorzioLS, observed that,"Physician consent is an evolving area of complexity that must be managed to ensure compliance with both transparency reporting and data privacy obligations. Porzio GST will provide comprehensive tracking of HCP consent, including an audit of consent dates and documents, consent refusal and revocation of previously-provided consent. By integrating consent tracking into the core functions of Porzio GST, we will help companies tackle these challenging issues."
Porzio GST will also incorporate a robust reporting engine allowing users to design and generate Ad Hoc reports and Dashboards. The solution's Compliance Reports module will allow "one-click" report generation, providing template reports that include value mappings, allocation methodologies, business rules and templates, as defined by each jurisdiction.
We will provide customers with a truly end-to-end global solution by enabling data to stream from our US solution, Porzio AggregateSpendID®, into Porzio GST. This will enable companies to implement and utilize a complete global aggregate spend system that can be leveraged for company-wide governance, business and operational efforts.