2013 was the year that the Sunshine Act finally went into effect, and so it comes as no surprise that executives feel it is the no. 1 burden consuming the most time and resources at life science companiesgh.
Deloitte and Compliance Week collaborated earlier this year on a sector-by-sector compliance and trends report and the infographic below captures the state of compliance in the life science sector.
The other two most time/resources-consuming regulations were the Foreign Corrupt Services Act and the Good Clinical Practices quality standard.
The infographic captures other interesting nuggets of information as well. For instance, 50% of companies reported that the importance of compliance and ethical conduct is not well communicated and understood by the staff at all levels compared to 41% in overall group.
That is deeply disconcerting. Given how regulated the industry is, life sciences hshould arguably be the one industry where the importance of good compliance should be paramount. Here is the infographic:
[Photo Credit: iStockphoto.com user cjp]