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European Pharmaceutical Contractor
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This year the US Federal Government will begin enforcing new regulations governing the privacy of consumers' medical information, and as key players in the complex US health care system, US pharmaceutical companies are among those corporations most affected. When the Health Insurance Portability and Accountability Act (HIPAA) of 1996 takes effect in April 2003, the US pharmaceuticals industry will have to comply with a new set of regulatory standards, making patient and customer privacy a top priority. KPMG strongly believe that this regulatory milestone presents pharma companies with an opportunity to improve their business practices, reduce data management costs, and most importantly do good by building customer goodwill around the very personal and emotional issue of individual privacy.
The thousands of databases owned by corporations, private organisations and governments contain an extraordinary amount of information about customers, suppliers, employees and citizens at large. And with the rise of the Internet and web-based, corporate intra- and extra-nets, individuals throughout the developed nations are increasingly, and intensely, concerned about threats to their confidentiality. Added to this, companies within the US health care system, including pharmas, manage some of the most personal data of all - patient information.
This suggests that pharma executives should approach their customer information not with the goal simply to comply with new governmental regulation - rather, the US pharmaceuticals industry should look at HIPAA as an opportunity to gain customer goodwill by creating, and informing the market of, aggressive initiatives to build walls around the privacy of the medical information of their customers. The ability to assure customers of their information's privacy, security and accessibility is fundamental to building their trust - which is, in turn, fundamental to building any brand. Organisations that approach privacy as a strategic issue, therefore, stand to benefit in the marketplace.
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By Karen Harper, Partner at KPMG New York, and John Morris, Partner at KPMG London
Karen Harper has extensive experience in the pharmaceutical/life sciences field and has provided consultation to this industry for nearly 17 years on a host of strategic issues involving all aspects of the value chain. Her projects typically address customer-related issues - including pricing - and involve process and procedure design, structural realignment and systems enhancements.
Karen has also focused on managed care and strategic business partnering, and the impacts of those relationships throughout the industry. Karen is highly respected in the life sciences arena, and is often called upon to comment, write and speak on industry issues.
John Morris is Head of KPMG's European Pharmaceutical Practice. Having graduated in chemistry, he joined KPMG and became a qualified Chartered Accountant, focusing on the chemicals and pharmaceuticals sectors.
John has been heavily involved in the international activities of the chemical and pharmaceutical industries, focusing mainly on issues related to mergers, acquisitions and divestments as the industries restructure and companies strive to improve performance.
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