Trace Forensic Experts combines extensive experience and data analytics capabilities to help businesses detect and investigate instances of fraud, data breaches, economic damages for breach of contract, corruption, and non-compliance
 
Our Trace Advanced Analytics Team uses complex applications of machine learning, robotic process automation, SQL databases, and Excel spreadsheets and analytics to solve our clients’ problems. 

Whether facing acts of fraud, economic damages claims or challenges with compliance and ethics tracking, organizations rely on our Trace Advanced Analytics Team for assistance.

Historically,  organizations have had to rely on manual processes such as external audits and tips from whistleblowers to detect and investigate fraud. Unfortunately, most of these methods of detection tend to detect suspicious activity well after the fact. This may give perpetrators extended opportunity to commit additional acts of fraud against the organization.

The longer fraud goes undetected the more costly it becomes. By enabling organizations to be proactive rather than reactive in detecting fraud, advanced analytics helps minimize the damage done to the organization.

Advances in data analytics have made it possible to examine large amounts of data to uncover patterns, anomalies, relations, networks and other issues in a timely manner. This technology enables organizations to be proactive in monitoring their activities, detecting and flagging high risk or suspicious activities quickly and cost-effectively. 

data analytics in life sciences

Globally, life sciences and pharmaceutical companies are under immense pressure and scrutiny from governments, regulators, business partners, and consumers. Added to this pressure are a demand for improved quality of healthcare, improved access to healthcare, and a reduction in the costs of health care.

Globally, the COVID-19 pandemic has exposed weaknesses in the Life Sciences and Pharma sectors, with the rush to find effective treatments and vaccines. The Life Sciences and Pharma sectors face unprecedented challenges particularly in increased risk exposure and in the regulation of products to help keep companies accountable.

These forces and challenges are placing life sciences and pharmaceutical companies at a greater risk of investigation and/or litigation. Taking steps to minimize the risk of litigation requires the assistance of experienced life sciences and pharmaceutical experts.

Fraud and corruption are on the rise in the Life Sciences and Pharmaceutical industries. In 2020, the US Department of Justice (DOJ) recovered over $1.8bn in matters that involved the

healthcare industry, including drug and medical device manufacturers, managed care providers, hospitals, pharmacies, hospice organizations, laboratories, and physicians.

The DOJ and the Securities Exchange Commission (SEC) have pursued a number of companies in the Life Sciences sector for FCPA violations, including kickbacks with foreign health departments, payments to consultants in hospitals, unjustified fees, and excessive means to influence healthcare professionals.

According to Transparency International, of the $7.5trillion spent globally on healthcare each year, $500billion is lost to corruption. 

As the Life Sciences industry grows, the potential for fraud, bribery, and corruption increases. Bribery can be recognized in medical service delivery, procurement corruption, improper marketing relations, misuse of (high) level positions, undue reimbursement claims, fraud, and embezzlement of medicines and medical devices. 

Our Trace Forensic experts have extensive experience in working with life sciences and pharmaceutical companies on industry-specific, financial, fraud, and forensic issues. We work closely with proprietary and generic drug manufacturers, medical suppliers, biotechnology companies, wholesalers, and pharmaceutical research organizations.

Our innovative forensic technology and data analytics practice is  an essential part of almost every forensic investigation.

Our forensic data analysis tools analyze data from different perspectives and analyze it to review unusual and suspected fraudulent conduct as well as weaknesses in analyzed processes.

We use our unique analytical competency and extensive technical experience to help you quickly detect and effectively address issues.