Navigating Legal Compliance for Healthcare Expert Networks

In the late 90s, investment firms were the first to realize that often the best way to get information was by speaking to well-placed individuals with relevant expertise and knowledge rather than relying on in-house staff to conduct research from publicly available information.

Originally relying on personal contacts to find these experts, savvy entrepreneurs began collating the contact information for these industry insiders to create what are now known as expert networks.

With the life sciences market projected to grow at an annual rate of 10.28% over the next eight years, as technological breakthroughs combined with aging populations will result in an increasingly greater demand for new medicines and therapies, it has become crucial for organizations to make sound decisions when acquiring and investing in companies operating in this sector.

This opportunity, however, comes alongside one of the biggest challenges in operating in the healthcare and life sciences sector: the complex regulatory landscape.

Suggested reading: The Use of Expert Networks in Venture Capital Decision-making

Companies must adhere to a wide spectrum of legal frameworks and industry standards from agencies such as:

1. The Food and Drug Administration (FDA) in the United States
2. The European Medicines Agency (EMA) in Europe
3. HIPAA (Health Insurance Portability and Accountability Act)
4. GDPR (General Data Protection Regulation)

In addition, they must adhere to scientific standards on things like conducting clinical trials.

Keeping pace with these evolving requirements is complex, and that’s where Expert Network Calls (ENC) provides critical support. As a trusted platform, ENC connects organizations with 20+ Expert Networks and seasoned professionals, helping them stay aligned with the latest compliance obligations in healthcare and life sciences.

The Growing Role of Expert Networks in Healthcare and Life Sciences

These days, it seems like there’s a new breakthrough in medical technology, research, or product development every single day.

Whether it’s established players in the life sciences field landing lucrative contracts to deliver new standards of care or nimble start-ups making breakthroughs in drug development or new technologies, the pace of innovation in this sector is proceeding at high speed.

This is why investors in this industry rely heavily on the specific insights and experience that only well-placed experts can provide on various topics such as drug development, medical devices, clinical trials, payer systems, and patient access systems.

Suggested reading: Expert Networks Accelerate Innovation. Find out how.

As if that weren’t enough, emerging technology such as the use of AI in medicine, personalized therapies, and individualized biotech make it more important than ever that organizations in this field speak to experts in order to bridge knowledge gaps.

At this point, it’s safe to say that the only way for investors, researchers, and companies operating in this space to maintain a competitive advantage is to regularly communicate with expert professionals in the industry to stay abreast of everything that is happening.

The Compliance Challenge - Risks and Responsibilities

As exciting as it can be to connect with individual experts who are well-placed to offer advice on issues related to the healthcare and life sciences field, one must always be aware of the risks of communicating with outside experts.

Organizations speaking with experts need to tread carefully to ensure that they avoid soliciting or receiving anything that could be classified as insider information or material non-public information (MNPI), particularly if the expert is bound by certain employer agreements like a non-disclosure agreement.

Likewise, organizations must chart a narrow course to avoid straying into areas that breach patient confidentiality regulations like HIPAA in the United States and GDPR in the European Union.

Lastly, of course, competitors closely guard their intellectual property and are vigilant against unauthorized disclosures of sensitive research.

This is why it is essential that companies rely on platforms such as Expert Network Calls (ENC), which connects them with Expert Networks that carefully vet every individual in their database and require strict adherence to legal and ethical guidelines when engaging with outside organizations.

How Expert Networks Ensure Compliance and Trust

What sets an experienced Expert Network apart from the multitude of other entities is its rigorous vetting of individual experts and a carefully crafted onboarding process to ensure that only the most ethical and law-abiding individuals are selected.

ENs have strict compliance protocols to prevent the intentional or accidental disclosure of material non-public information (MNPI).

All expert networks aggregated on the ENC platform use secure technologies to facilitate calls to experts, and all documentation (including transcripts) and recordkeeping related to these calls is stored in full compliance with all major data privacy regulations.

If you’d like to learn more about how ENC can help your business, do not hesitate to contact us today.