Risk and compliance response to COVID-19 in the life sciences industry

Like most sectors, the life science industry has been widely impacted by the scale and nature of the global pandemic. The abrupt cessation of face-to-face interactions, along with the massive move to remote work has required the audit function to re-evaluate risk assessments and priorities. All prior monitoring, plans, and policies are being challenged to ensure that they represent the best use of audit resources and client time in a COVID-19 environment.

Amgen and Teva Pharmaceutical compliance executives, in conversation with Duleep Rodrigo from KPMG, discuss:

• why addressing culture must come before any change factors may be considered
• how telemedicine, virtual pharma sales reps, and a proliferation of donations have created unique compliance risks
• examples of predictive analytics that spot anomalies in behavior and detect fraud
• specific ways to make remote auditing more effective
• how the compliance model can support the business model to help anticipate future pressure points
• novel ways to create audit team visibility.