{"id":53526,"date":"2023-02-01T16:03:46","date_gmt":"2023-02-01T15:03:46","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/rimsys-2023-regulatory-performance-report-finds-a-growing-emphasis-on-digital-transformation-in-medtech-regulatory-affairs\/"},"modified":"2023-02-01T16:03:46","modified_gmt":"2023-02-01T15:03:46","slug":"rimsys-2023-regulatory-performance-report-finds-a-growing-emphasis-on-digital-transformation-in-medtech-regulatory-affairs","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/rimsys-2023-regulatory-performance-report-finds-a-growing-emphasis-on-digital-transformation-in-medtech-regulatory-affairs\/","title":{"rendered":"Rimsys\u2019 2023 Regulatory Performance Report Finds a Growing Emphasis on Digital Transformation in MedTech Regulatory Affairs"},"content":{"rendered":"
\n

\nTechnology investments help to resolve resource and process struggles as companies cope with growing regulatory requirements<\/i>\n<\/p>\n

<\/a><\/p>\n

PITTSBURGH–(BUSINESS WIRE)–Rimsys<\/a>, the leading provider of Regulatory Information Management (RIM) software for the medtech industry, today announced the release of the 2023 Regulatory Performance Report, a new study that tracks trends in regulatory priorities, processes, and performance within medtech companies. The report is based on a survey of 200 regulatory professionals and executives across North America and Europe.\n<\/p>\n

\nThe report explores how regulatory affairs teams are staffed, their workload, average times to complete regulatory projects, where they experience compliance issues, and the growing trend of accelerating digital transformation within the industry.\n<\/p>\n

\n\u201cThe need for this report was driven by conversations with several of our customers,\u201d said James Gianoutsos, Founder and CEO of Rimsys. \u201cRegulatory leaders don\u2019t have clear benchmarks to measure the performance of their teams. They\u2019re looking at digital transformation initiatives to improve the efficiency and effectiveness of their teams and want to understand what\u2019s possible, what really good execution looks like.\u201d\n<\/p>\n

\nKey findings include:\n<\/p>\n

\nRegulatory teams are lightly staffed compared to their workload.<\/b>\n<\/p>\n

\nA quarter of large medtech companies have 15 or fewer regulatory employees. These small teams complete over 100 renewals or license updates each year. Only 13% of companies make resourcing decisions based on anticipated workload, leaving any gaps to be filled with external consultants. Today, 90% of companies rely on consultants to complete regulatory projects.\n<\/p>\n

\nProcess failures are common.<\/b>\n<\/p>\n

\nRegulatory leaders self-assess the performance of their teams highly. A majority believe they outperform other regulatory affairs teams in similar companies in both project planning and execution. Yet over 60% reported a major non-compliance issue in that past year, and 24% had to withdraw products from a country or region due to non-compliance.\n<\/p>\n

\nDigital transformation makes a measurable impact on productivity.<\/b>\n<\/p>\n

\nCompanies are investing in process improvement, both by increasing staffing and growing technology budgets. They are moving away from generic productivity tools to more specialized solutions designed for regulatory processes. Companies that have implemented regulatory information management and regulatory intelligence systems report very high productivity gains and they complete regulatory projects more quickly.\n<\/p>\n

\nRimsys and PA Consulting<\/a>, a global innovation and transformation consultancy, in conjunction with the Regulatory Affairs Professionals Society, will be presenting and discussing the survey findings in an interactive webinar on February 23, 2023. To attend, register here: https:\/\/bit.ly\/performance-study-webinar<\/a>.\n<\/p>\n

\n\u201cA major trend we are tracking this year is focused on Medtech\u2019s engagement with regulatory bodies against a backdrop of new requirements for advanced technologies such as AI, and evolving legislation such as the MDR and IVDR transition in Europe. This has forced organizations to re-evaluate old processes and adopt new tools,\u201d said Marck Aghnatios, MedTech Expert at PA Consulting. “The impact of this change will be largely absorbed by the regulatory affairs function \u2013 which is accurately reflected Rimsys\u2019 study findings. The industry imperative for medtech leaders will be to digitize their business functions \u2013 starting with regulatory.\u201d\n<\/p>\n

\nMethodology<\/b>\n<\/p>\n

\nRimsys worked with a third-party market research firm to field and administer the survey in July 2022. Survey respondents included 200 regulatory professionals at medtech (medical device, in vitro diagnostic, and software as a medical device) companies headquartered in the United States, Canada, and the European Union. Companies were evenly sampled across all sizes, from $10 million to more than $1 billion in revenue.\n<\/p>\n

\nTo download the full Regulatory Performance report, please visit: https:\/\/www.rimsys.io\/regulatory-performance-report<\/a>.\n<\/p>\n

\nAbout Rimsys<\/b>\n<\/p>\n

\nRimsys is improving global health by accelerating delivery and increasing availability of life-changing medical technologies. Rimsys Regulatory Information Management (RIM) software digitizes and automates regulatory activities, helping medtech regulatory affairs teams to plan more effectively, execute more quickly, and confidently ensure global regulatory compliance. Unlike complex, color-coded spreadsheets, or expensive external consultants, Rimsys centralizes all regulatory information, automates submission processes, and provides detailed visibility into product registrations, expirations, relevant standards, and global regulations. Traditional approaches to regulatory affairs can\u2019t keep pace with the growing complexity of the global landscape, and overburdened teams face increasing compliance risks. Rimsys is designed around medtech regulations and workflows and supports a full breadth of regulatory activities including registrations, submissions, UDI, essential principles, standards management, and regulatory intelligence in a single, integrated platform. Leading global medtech companies including Johnson & Johnson, Siemens Healthineers, and Omron rely on Rimsys to better manage regulatory projects and resources, get new products to market more quickly, and reduce revenue risk of non-compliance, product recalls, and unexpected expirations. For more information, visit www.rimsys.io<\/a>.\u200b\n<\/p>\n

Contacts<\/b> <\/p>\n

\nMichael Peach
\n
(855) 846-7269
\n
michael.peach@rimsys.io<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Technology investments help to resolve resource and process struggles as companies cope with growing regulatory requirements PITTSBURGH–(BUSINESS WIRE)–Rimsys, the leading provider of Regulatory Information Management (RIM) software for the medtech industry, today announced the release of the 2023 Regulatory Performance Report, a new study that tracks trends in regulatory priorities, processes, and performance within medtech … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-53526","6":"format-standard","7":"category-industry"},"yoast_head":"\nRimsys\u2019 2023 Regulatory Performance Report Finds a Growing Emphasis on Digital Transformation in MedTech Regulatory Affairs - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/rimsys-2023-regulatory-performance-report-finds-a-growing-emphasis-on-digital-transformation-in-medtech-regulatory-affairs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rimsys\u2019 2023 Regulatory Performance Report Finds a Growing Emphasis on Digital Transformation in MedTech Regulatory Affairs - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Technology investments help to resolve resource and process struggles as companies cope with growing regulatory requirements PITTSBURGH–(BUSINESS WIRE)–Rimsys, the leading provider of Regulatory Information Management (RIM) software for the medtech industry, today announced the release of the 2023 Regulatory Performance Report, a new study that tracks trends in regulatory priorities, processes, and performance within medtech ... 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