The speech of Mr Jiang Feng, Chairman of the National Medical Device Industry Technology Innovation Alliance, set the tone for the meeting, stressing that the purpose of this meeting is to discuss strengthening the enterprises’ own compliance work, establishing government-approved and enforceable rules for enterprise work and marketing, and letting the anti-corruption promote the benign development of the industry. Subsequently, Mr Wang Zaijun, Deputy Secretary General of the Association of Chemical Pharmaceuticals (ACP), brought in the keynote speech titled “Creating a compliance ecology in the pharmaceutical industry, and supporting the pharmaceutical enterprises to be generally in compliance”, which provided a deeper insight into the compliance requirement of the pharmaceutical industry and the anti-corruption initiative.
Secretary General Wang made an in-depth analysis from the compliance challenges faced by the pharmaceutical industry, the compliance characteristics and pain points of pharmaceutical industry enterprises, to how to build a compliance ecosystem in the pharmaceutical industry to support the general compliance of pharmaceutical enterprises:
1、National compliance-related documents are frequently issued, and the pressure of corporate compliance is increasing: Secretary General Wang listed many policy provisions, and actual cases, to explain the current compliance status of enterprises.
2, the pharmaceutical industry enterprise compliance characteristics and pain points: the pharmaceutical industry not only has economic attributes, but also social attributes. Therefore, we can’t just look at it from a business perspective, but should start from the perspective of the state and society to ensure that the economic value is built on the social value. Mr Wang Zaijun further pointed out that the pharmaceutical industry is a strongly regulated industry and the impact of policies on the industry is crucial. He mentioned, “It is very clear that a certain policy may determine a company’s business strategy. But at the same time, the pharmaceutical industry involves a lot of links and roles, so we need to consider all aspects very carefully in compliance building.”
3, In the session on how to build a compliance ecosystem, he emphasised that the primary responsibility for compliance management does not lie with the compliance department, but with the business unit leaders. The role of the compliance department should be to assist the business units and help them identify and mitigate compliance risks that may arise. True compliance management should start at the front end of the business, not just at the financial level. He said, “Many businesses have irregularities and non-compliance in their marketing and purchasing and selling processes at the front end, which makes subsequent financial management difficult.” He further explained that if companies simply think that compliance is legal, then this notion is wrong. Compliance management is not just about responding to external regulation, but it is also the cornerstone of an organisation’s internal management.
Mr Wang also mentioned the importance of a compliance ecosystem, he believes that only when the whole industry has formed a compliance ecosystem, compliance management can really land and play its role. He said, “We need the power of the China Medical Device Industry Association and the National Medical Device Industry Technology Innovation Alliance to work together to create a compliance ecosystem. If such an ecology cannot be established, then the implementation of compliance management will face great difficulties.”
In the subsequent interactive discussion session, there was a lively discussion on the use of government-supported technological tools in anti-corruption and a re-examination of past compliance efforts. Participants generally agreed that compliance training and system building are key to promoting a healthy industry, while policies should not be over-interpreted.
Participants agreed that compliance building in the pharmaceutical industry requires the full participation of enterprises, and at the same time cannot be separated from the strong support of national policies. It is hoped that the China Medical Devices Industry Association will continue to promote the exploration of compliance building and institutional anti-corruption work, and that in the context of the current increasingly tightened regulation in the field of healthcare, the progress of compliance building, though varied in different parts of the world, has been orderly, and that the building of a compliance system is the necessary to promote the normal development of the industry.
This seminar provides a valuable exchange platform for the industry, and it is hoped that through such exchanges, it can provide more ideas and directions for compliance building in the pharmaceutical industry.
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Post time: Sep-27-2023