Data Privacy! What is it and why should we in the regulated industry be concerned with what may appear to be a general mass consumer issue? Well the short answer is that anyone who might capture, process, store or in any other way interact with personal digital information needs to be aware of data privacy.
But where does the regulatory expectations in terms of data traceability potentially conflict with the data privacy regulations? This is something you need to keep in mind as more and more applications move to the cloud. The recent seminar we attended looked at this purely from the perspective of science and the execution of scientific studies, which we were extremely happy to be educated on considering it is not directly a core element of what Odyssey VC supports for our customers. However, we did see a cross-over in that a number of speakers were representing Life Science companies and were looking at the scientific studies from the perspective of clinical trials and R&D.
It was clear listening to the speakers that the implications of the GDPR are vast but when we posed the question relating to the interaction with the regulations concerning the development, manufacture and marketing of health products, such as the CFRs in the USA and Eudralex in Europe, there did not seem to be a clear understanding of the interactions. This is not a failing of the speakers as the focus was solely on the impact of the GDPR but nonetheless we took it upon ourselves to review these interactions and map out the potential conflict of interest. On this basis we are planning an industry workshop in 2017 to provide an overview of our findings and to initiate a discussion on the concerns.
It is our hope that this discussion will empower attendees to question the impact of all of these regulations on their own business and might allow us influence the commission in terms of the content of either side of the regulatory equation to ensure that we do not inadvertently hinder the business landscape in the European Union.