Press release from Business Wire
Marketers: Don't Get Burned By The Sunshine Act This Summer
<p class='bwalignc'> <i><b>Iron Mountain Launches New Suite of Compliance Tools</b></i> </p>
Friday, June 28, 2013
Marketers: Don't Get Burned By The Sunshine Act This Summer08:32 EDT Friday, June 28, 2013
Iron Mountain® Fulfillment Services, Inc., a division of Iron Mountain Incorporated (NYSE: IRM), has launched a new suite of tools that help pharmaceutical and biomedical device companies create marketing materials that comply with industry regulations like the Sunshine Act. The suite enhances the company's existing GroupTrak marketing fulfillment software.
“Pharma and biotech and medical device industry executives have to balance the necessity to meet the Sunshine Act's data collection requirements with the need to engage with physicians and promote their products,” said Daniel R. Matlis, president of Axendia, an analyst and strategic advisory firm focused on the life science and healthcare markets. “Iron Mountain can provide tools to support compliance while keeping doctors updated on the latest product developments.”
Data collection for the Physician's Payment Sunshine Act begins Aug. 1, meaning U.S. manufacturers of pharmaceutical drugs, medical devices, and biological and medical supplies are required by federal law to account for benefits they provide to physicians and teaching hospitals in the course of their regular sales and marketing processes.
GroupTrak's compliance suite allows customers to:
- Track and report transfers of value (TOVs) for all bulk shipments and individual deliveries that Iron Mountain fulfills. Marketers get information on which sales person placed an order, what materials were ordered and their fair market value, and to which healthcare provider the material was shipped.
- Simplify updates to marketing materials to keep pace with periodic changes to the product and regulations. One drug or medical appliance is associated with volumes of corresponding marketing materials, and even the smallest change forces an update of all these materials. Doing so manually begs for an error that can expose a company to costly fines, sanctions, lawsuits and even criminal charges – particularly if it involves prescribing, dosage/usage or safety information. GroupTrak helps automate the process by empowering pharma and biomedical device manufacturers to map, track and update relationships between products and supporting documents, as well as put associated items on hold, dramatically reducing editing time and errors.
- Manage Disclosures. GroupTrak ensures that collateral contains all of the disclosures required by product enhancements, differing jurisdictional regulations and legal interpretations. It incorporates all required disclosures and footnotes into one database and automatically inserts the right copy each time a user orders a document. As a result, pharma and life sciences marketers create accurate, compliant documents faster and more easily by eliminating time-consuming, error-prone manual processes.
“We enhanced GroupTrak specifically for Sunshine Act compliance. This empowers our clients to track and report on marketing materials that we distribute to doctors and other health care professionals on their behalf,” said David Lowndes, director of product marketing for Iron Mountain Fulfillment Services. “The result is a suite of tools that no other fulfillment provider can match – offering marketing compliance coupled with the security of a trusted storage and information management company.”
For more information on GroupTrak, contact David Lowndes . Read his recent blog post, “ The Sunshine Act: Don't Get Burned This Summer .”
About Iron Mountain Fulfillment Services
Iron Mountain Fulfillment Services, Inc. offers an advanced combination of fulfillment and digital print solutions for targeted and personalized communications. With over 40 years of experience in the fulfillment business, Iron Mountain partners with clients to optimize their communications. Our solutions increase response rates, expand market opportunities, reduce costs and ensure appropriate compliance. To learn more about our Life Sciences solutions and other ways we can help your company increase response rates and productivity, contact us at (866) 563-IMFS or visit our website at www.ironmountain.com/fulfillment.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and information management services. The company's real estate network of over 64 million square feet across more than 1,000 facilities in 35 countries allows it to serve customers with speed and accuracy. And its solutions for records management, data backup and recovery, document management, and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information for business advantage. Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information.
Iron Mountain Fulfillment Services
David Lowndes, 512-977-9511 Ext 30
Kings Mountain Communications
Michele Moyer, 650-269-1442