The challenging role of compliance management in the pharmaceutical industry

The Pharmaceutical organizations need to be mindful of patient safety issues so that the failures don’t jeopardize the future of the entire enterprise. Therefore, identifying, analyzing and mitigating compliance risks are essential in developing an effective compliance programme and ensuring the future sustainability of the industry. 

The risks in compliance failure 

The cost of litigation is huge. Legal and compliance failures can cause serious reputational and financial damage to pharmaceutical companies.There are many regulators and enforcement agencies like the Medicines and Healthcare products Regulatory Agency in the UK, the European Agency for  Evaluation of Medicinal Products, and the FDA in the US, that are increasing pressure and making regulation tighter day by day.

Embedding compliance policies in enterprises

Organizations planning to enhance compliance must follow industry best practices and offer the most innovative products in order to stay ahead of the competition and meet customer requirements.The frequency of monitoring and reporting on the KPIs will depend on whether they are event-driven, such as when a new regulation has come into effect, or whether they provide insights into the way the organization is functioning.

Compliance initiatives can be the key to long-term efficiencies

The pharmaceutical industry will continue to face unprecedented challenges amid the increasing regulatory scrutiny.Globalisation, partnerships, transparency expectations, emphasis on innovative technologies and the ever-evolving needs of existing and emerging customers are driving companies to renew their approach to compliance. So a conservative approach to compliance will not be sufficient for the future sustainability of the industry.

The compliance skill set is changing and mature compliance functions have implemented initiatives to develop talent. Companies can be successful only when they are able to sustain their compliance talent pipeline to meet the increasing demand and changing nature of compliance skills. 

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Quick glance into the ‘Expensive phases of Construction’

Construction is an important front for solidify the foundations of a thriving country and creating bases for the people's happy life.

Take a journey through the world’s most expensive constructions.

The Interstate Highway System, $459 billion

• The Interstate Highway System was created on June 29, 1956, This connects more than 47,000 miles in America and has cost the taxpayer a huge $459 billion.

• The project involved creating new routes and converting old ones, to serve as ‘interstates’

• Work began in 1955 proposed the project as being crucial for national defense and to help mobilize infantry in an emergency. By 1960, more than 10,000 miles had been completed.

• The original program was completed in 35 years, but it was extended in later years to cover more than 47,000 miles.

• At the 50th anniversary of its creation, total cost was estimated at $425 billion (nearly $500 billion today), but the American Highway Users Alliance estimates that this project has produced more than $6 in economic benefit for every $1 of construction expense.

The International Space Station, $150 billion

• The ISS orbits Earth and enables scientists to conduct experiments in astronomy, biology, and physics.

• Built-in 1994 on Earth and assembled in space, fourteen countries worked together to complete this project. The main tools used were Russian rockets and the space shuttle.

• After 26 years of service, the ISS, one of the most expensive projects in history is to be crashed into the ocean in 2020.

Kashagan Fields, $116 billion

• Kashagan oil and gas field in Kazakhstan is the most expensive energy project in the world.

• Its development has already absorbed $116 billion, which makes the project one of the most expensive discoveries of the last 40 years.

•  It is located in the Caspian Sea, and the commercial production was begun in September 2013.

• Part of the construction includes building man-made islands in a sea frozen for large periods of time. Leaks in pipes and other difficulties have caused delays in construction of the project, and the fields are under high pressure making drilling into them very dangerous.

• The operation is expected to start during 2017 and to produce over 90,000 barrels of oil per day. Experts estimate the production yield to total as much as 13 billion barrels of retrievable oil.

King Abdullah Economic City, $95 billion

• The real estate group Emaar Properties, who is known for building Burj Khalifa in Dubai, the world’s tallest building is into yet another project.

• Construction of the Saudi Arabian city started is expected to be finished in 2020, yet in 2015, only 15 percent had been completed. 

• Named after the late King Abdullah, the city will be slightly larger than Washington D.C. and will house 2 million residents.

• Located over an hour away from Mecca, the city is set to become a new tourist attraction for Saudi Arabia and will boast high-class hotels, luxury villas, prestigious universities, and a massive airport.

Dubailand, $76 billion+

• Construction was halted on this project in 2008, because of a financial crisis in Dubai, and then resumed in 2013. So far, it has cost investors $76 billion.

• If finished, it will be one of the largest and most expensive entertainment facilities in the world. A Disney theme park, IMAX Theater, and many others are in its plans.

• Design aspects of Dubailand will be based on Arabian Folklore, specifically the tale One Thousand and One Nights.

• The impetus behind the project was that some thought Dubai needed a major attraction that was geared towards families, to compete with other cities in the region for tourism.

California High-Speed Rail, $33 billion+

• Work on the California High-Speed Rail started in 2015, and phase 1 is set to be completed by 2029. It is already way over its original budget and is tipped to reach $98.5 billion.

• The first phase is planned to run between Madera and Bakersfield and was one of President Obama’s first-term pledges, to connect the major US cities by high-speed rail.

• The high speed ‘bullet train’ will stretch between San Francisco and Los Angeles, with rails that can support travel up to 220 mph.

 Kensai International Airport, $29 billion

• The cost of the airport is estimated to be $29 billion. The airport is on an artificial island, in the mid of Osaka Bay, Japan...

• It is the hub for Japan Airlines, Nippon Airways, Nippon Cargo and Peach- a low-cost international carrier.

• The airport started its operations on Sept. 4th, 1994, to reduce traffic at the international airport of Osaka.

• It was built in the water, resting on a man-made island in order to resist earthquakes, tidal waves, and noise complaints. 

10 Best Healthcare Companies 2017

10 Best Healthcare Companies 2017

Medical mobile apps playing a vital role in healthcare

Over the past few years, mobile app development has grown dramatically. it has touched all the major business verticals from IT, entertainment, human resources, communications, software, marketing, and healthcare.

Mobile applications have made it so easy for patients to get the treatment or consultancy and Getting advice from a doctor in just a click of a button and that too for free is one of the revolutionary steps towards healthcare industry. 

Significance of Medical Mobile Apps in Healthcare

• In the present scenario, doctors and medical practitioners are using high data-driven medical mobile applications for dealing with their patients’ health records, past history, prescriptions and drugs list
• Let it be Android or iPhone medical applications are available for every platform and saving a lot of time and life.
• The widespread use of smartphones, tablets and cloud-based internet database has helped medical app developers to provide doctors the information they need at the touch of a button.
• Not only doctors, patients are also getting benefitted with the introduction of mobile applications in the healthcare industry. Now, patients can also keep track of every record.

The future sight of the medical mobile apps

• Medical mobile app development industry is evolving at a tremendous rate. Healthcare remains one of the most crucial sectors of the economy and looking at the present situation
• Medical app developers have the massive onus to develop products that are easy to use, trouble free, extensively tested and make doctors’ and medicine practitioners’ job simple and not complex.
• As per Food and Drug Administration (FDA), the number Smartphone users using medical mobile apps could touch a gigantic number.
• Further, mobile apps development is expected to break new grounds in ease of user experience, database sharing, support and maintenance and referral system integration.
• Healthcare experts have opined that these high-end medical applications will positively impact medical treatments and service delivery globally.

10 Fastest Growing Construction Companies 2017

TheSiliconReview Releasing the Latest Magazine with 10 Fastest Growing Construction Companies 2017 . For more magazines Visit: www.thesiliconreview.com and Subscribe with us and get 10% off on the Cover price, Email us: subscription@thesilicoreview.com

30 Most Trustworthy Companies of the year 2017

30 Most Trustworthy Companies of the year 2017