Compliance Issues benchmark Topics
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Compliance Issues benchmark
Topics
- Outsource accounting practices
- Avoiding consequences of non compliance
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The expert examines the compliance issues benchmark topics.
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Topic 1: Outsource accounting practices
In an attempt to comply with the Sarbanes-Oxley Act and cut operating costs, Endo Pharmaceuticals Holdings Inc., a specialty pharmaceutical company with an established leadership in pain management took a major risk in finding the optimal solution. In response to Endo's compliance and cost saving problems, the firm decided to outsource parts of the company, specifically, the finance and accounting portions. Many pharmaceutical companies believe that Endo's decision to outsource exhibits more risk than opportunities. Joe McCracken, SVP of business and commercial development at Genentech believes that outsourcing business practices carry a high risk for error and in the drug and biotech industries, mistakes can carry big price tags. Mr. McCraken also says that, "Regulators could delay approval, or a drug's true effect could be masked, compromising results. In the worst case, patients could be harmed and massive liabilities incurred". "We have a very low threshold for error. We have to do everything right, and we are in a hurry. We feel like people are waiting for us to get important new products approved for the treatment of life-threatening, life-altering diseases. This is the really key driver of our business and why we are in one location in South San ...
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