|Companies that live in regulatory |
environments have come to
understand that compliance is
actually a tool that can give
them a competitive advantage.
by Matt Lowe
Executive Vice President
Many companies doing business in regulatory environments treat compliance like another obstacle to success. However, companies that live in regulatory environments have come to understand that compliance is actually a tool that can give them a competitive advantage. Statistics show that 72 percent of senior executives at regulated companies say that ensuring compliance with regulatory requirements is one of the most important challenges in their company.
Instead of kicking against regulations, smart companies embrace them and – like a judo expert – leverage their weight to find success. An organization that is more efficient in achieving and maintaining compliance can get a high quality product to market faster than its competitors.
Understand C-level executives are on the hook to meet standards and regulations
This article is related to the
E-Book: Convergence of Compliance and Technology
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Ensure the entire company understands what’s at stake if standards and regulations are not met
Implement a Quality Management System (QMS)
Incorporate a Training Software System
Be prepared for a regulatory audit
Make sure your company runs in a validated environment
Choose a solution with robust analytics and reporting capabilities for effective management
This article appeared first in CIO Insight
Matthew M. Lowe is a mechanical engineer with over a dozen years of medical device experience in product development, product management, and regulatory compliance. Prior to joining MasterControl in 2006, he worked in product development and product management at Ortho Development Corp. and Bard Access Systems. He has successfully launched more than a dozen medical devices and has four patents issued. His regulatory compliance experience includes writing a 510(k) that was cleared by the FDA and managing a multisite, multiyear post-market clinical study for orthopedic devices.