Don’t just comply. Excel

FDA compliance training has long been viewed by FDA regulated industries as a necessity for doing business.

And so it should.

The FDA are there for a reason – ultimately, to protect the public from harm and to promote responsible and ethical business.

So, if the FDA are acting in the interests of the consumers of FDA regulated goods, then the FDA – from a marketing perspective – represent a number of consumer needs and demands. In this sense then, compliance can be seen as a mandatory element of marketing, namely, ensuring that the goods you produce or sell are fit for their particular purpose.

So if we take compliance training to the next level i.e. above that of the minimum regulatory requirements set by the FDA, we can start to see how this could benefit an organisation in the form of a competitive advantage.

See, those organisations that go above and beyond that required of them by the FDA can boast, perhaps, superior product quality and/or safety – beyond that of their competitors. Thus viewing and approaching FDA compliance, not as an obstacle to merely manoeuvre around, but as an opportunity to excel in the area of safety and responsible/ethical business practice; which will, no doubt, translate to improved customer confidence and, ultimately, greater sales.

In particular, the pharmaceutical industry suffers greatly when new drugs do not reach market due to regulatory issues set by the FDA regarding drug safety and testing. In fact, 83% of all pharmaceutical drugs fail to make it to market due to their inability to satisfy or surpass regulatory requirements at one stage or another.

This costs the industry billions of dollars each year.

If FDA compliance training is used to its full potential however, employees can be trained thoroughly and completely on FDA guidelines – ensuring that potential ‘blockbuster’ drugs have a greater chance of making it to market and that the drugs that are not destined to make it are accurately eliminated at the earliest possible stage of development to help minimise costs.

Cobent’s Learning Management System (LMS) does just this, facilitating regular and relevant FDA compliance training and ensuring that staff are completely up-to-date and ‘in the know’ about all relevant FDA regulations.

The training materials themselves can even be tailored to the specific area in which your organisation operates so that only highly-relevant material is communicated to employees.

So, to find out more about how Cobent’s Learning Management System can help your organisation with FDA compliance training call 888 906 9068 or email us today.

Penny share dealers fined a pretty penny

The FSA recently charged a Glasgow-based small-cap share broker £101,500 for irresponsible and ‘potentially misleading’ sales tactics.

It’s obvious that this firm was not using any form of learning management system (lms) to ensure their employees’ and representatives’ compliance with FSA regulations.

And this isn’t the only case of a penny-share broker being fined of late.

Wills & Co were criticised for failing to improve their compliance procedures with regards to their sales practices and, had they not been winding down, would have faced a £1.5 million fine for their irresponsibility.

The small-cap stock broking sector is experiencing a tightening of regulatory requirements of late due to the need to drive up customer treatment standards after a number of complaints with regards to investment suitability and advice.

It seems penny-share brokers are being accused of putting profit before customers by aggressively marketing volatile, low-priced securities without first assessing their suitability with regards their clients’ investment objectives.

Now, the FSA are out to make examples of firms that show a blatant disregard for these regulations, hoping this will serve as a distinct warning to similar firms and encourage them to keep a closer eye on what their appointed representatives are doing.

Had these firms been using Cobent’s learning management system (lms), it would be reasonable to assume that they would have avoided enforcement action from the FSA.

Employees and representatives would have been presented with purpose-built learning materials across the entire learning continuum, ran through the training process promptly and effectively, and signed off by their supervisor.

In fact, even if the FSA decided to investigate a firm using Cobent’s learning management system (lms), the firm would have credible audit trails and e-signatures that prove they did everything within their power to enforce and encourage the use of proper sales tactics and techniques amongst their employees and representatives – thus providing a strong foundation of legal evidence should the matter have been taken further.

Now, consider the ROI on Cobent’s learning management system (lms) when you think about the hefty £101,500 fine imposed on the Glasgow-based small-cap share broker. Had this firm implemented Cobent’s learning management system (lms) before the FSA began their investigation, they most probably would have avoided the fine and also benefited from a better-trained workforce.

So, if your organisation operates in the share brokerage industry, think carefully about the risk-reward profile of Cobent’s learning management system (lms), because if you make the wrong choice, and you or your representatives breach regulations, you could be facing a crippling fine - courtesy of the FSA.

Get in touch today to see how Cobent’s learning management system (lms) could help you to comply with FSA regulation and forge competitive advantages through proper staff/representative training. Call +1 888 906 9068 or email info@cobent.com to find out more.