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Building a Compliance Program in a Small Cap Company

Building a Compliance Program in a Small Cap Company. The Seventh Annual Pharmaceutical Compliance and Best Practices Forum November 9, 2006 Colleen Craven Janice Toran Vice President, Ethics & Corporate Compliance Vice President, Corporate Compliance Endo Pharmaceuticals Astellas US.

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Building a Compliance Program in a Small Cap Company

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  1. Building a Compliance Program in a Small Cap Company The Seventh Annual Pharmaceutical Compliance and Best Practices Forum November 9, 2006 Colleen Craven Janice Toran Vice President, Ethics & Corporate Compliance Vice President, Corporate Compliance Endo Pharmaceuticals Astellas US

  2. What challenges do small companies face in establishing a Compliance Program? • Company culture • “We’re small, so we operate under the government’s radar” • “We have Legal and Regulatory departments—why do we need a Compliance department?” • Resources • Headcount and budget • Absence of supporting functions (e.g., internal audit) • Compliance Officer as Jack/Jill of all trades • Strategic thinking and tactical implementation • Subject matter expertise across all areas

  3. What are some ways of addressing the challenges? • Build relationships and educate • The law does not have a small company exemption; no one is under the radar • Make the concept of compliance meaningful—it affects each employee as a patient and a taxpayer • The Compliance department is not a replacement for existing functions • Senior leadership (initial buy-in and continued acceptance as circumstances change) • Compliance Committee members • Business acumen is essential—know your company and your products • Tailor communications to meet the needs of your audience (e.g., Board of Directors, sales representatives)

  4. What are some ways of addressing the challenges? • Make the scope of the program reasonable • Accountability • Oversight • Prioritize risks • OIG Compliance Program Guidance risk areas • Company-specific risk areas • “What keeps you awake at night?” • Utilize external resources • Pharmaceutical Compliance Forum

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