VelQuest, a privately held company, was founded in response to an extensive research and fact-finding mission among pharmaceutical and biotechnology manufacturers. The six-month study confirmed that compliance-related activities have become a major bottleneck in the drug development and commercialization cycle.
In fact, industry estimates indicate that up to 70% of laboratory resources are now devoted to compliance. This is largely because the pharmaceutical community has had to rely on outdated manual techniques and paper-based systems to achieve mandated security and audit trails -- essentially the same process that has been used for decades.
VelQuest has developed the industry's first and only integrated Compliance Management System, which virtually eliminates tedious manual paperwork, while providing a common platform for data exchange. Already deployed in a number of North American pharmaceutical companies, the system has been shown to reduce compliance risk, liberate valuable resources, and add value to existing document management and IT resources.
