R-Squared Announces the Launch of Aggregate Spend Reporting Solution in France for a Large Global Life Sciences Company
January 14, 2014 (Newswire) - R-Squared Services & Solutions, Inc. (R-Squared), a leading developer of compliance software for the life sciences and healthcare industries, today announced that in under three months' time, a team implemented SpendTracker for a global life sciences organization to manage its aggregate spend reporting in France, consistent with the evolving requirements established by the Conseil National de l'Ordre des Mйdecins ("CNOM").
Similar but broader than the U.S. Sunshine Act/CMS Open Payments requirements, the French Law, known as the Loi Bertrand or the French Sunshine Act, requires life sciences manufacturers to report both transfers of value and agreements with physicians and other parties. R-Squared's SpendTracker with CiR2us customer master was designed to handle demands of international Transparency reporting, and includes functionality , such as robust language translation, processing of international IDs and addresses(including geolocation), currency conversion, and the ability to report contracts and manage cross-border compliance requirements.
"We have been following closely all international developments in this area and believe that we will see widespread global transparency disclosure requirements for life sciences companies in the coming years," said Michael Bell, President and CEO of R-Squared. "Consequently, we have positioned our organization and our fourth generation SpendTracker solution so that the implementation of new country-specific disclosure requirements is as streamlined and simplified as possible. Our first European implementation—to manage French reporting for a very large organization—took less than three months, so we're off to a strong start," he said.
About R-Squared Services & Solutions
R-Squared Services & Solutions, Inc. (R-Squared) is a software company that develops more efficient and effective ways to ensure evidence-based compliance with the web of regulations and laws affecting the organization. R-Squared translates regulatory requirements into workable tools and practices that simplifies the task of abiding by laws, regulations and industry best practices - while generating solid evidence of compliance at the same time. Additional information is available at http://www.r2ss.com