Vendor Management for the Pharmaceutical Industry
Outsourcing in the Pharmaceutical industry has continued to accelerate. This trend coupled with increased regulatory scrutiny has increased the depth, complexity and associated cost of managing and monitoring all third parties. The volume of transactions and interactions has grown exponentially. The industry has become so networked that classical manual processes and software solutions can no longer scale to meet the current requirements. Trust Exchange unlocks the power of the “smart crowd” in this industry enabling people and organizations to connect and collaborate.
The Trust Exchange platform utilizes the latest in social networking technologies to enable the collaboration between the “smart crowd” of pharma professionals to collaborate on the status, quality and compliance of their vendors and other regulated third parties.
Custom compliance policies and categories allows organizations to more precisely segment third parties by function, risk, geography etc. Trust Exchange provides this information across the organization in the form of real time alerts, daily summaries and a hierarchy of dashboards and reporting.
Key information are presented as events on a timeline and can be verified internally or by additional third parties based on role or responsibility. These verifications are stored securely and easily audit-able.