“Can we launch this formula?”
Regulatory Affairs faces this question daily, or even hourly, at many cosmetic companies.
Product pipeline churns quickly, and answers are needed even quicker. As WWD reported, divisions at Estée Lauder Cos. Inc. and Coty Inc seeking to drive greater agility “have developed in-house fast-beauty teams that aim to get around traditional long-lead product cycles and get on-trend products to market in months, not years.”
A new product formula may look and feel perfect, but what about compliance? While cosmetic companies may strive for a global formula, they rarely succeed due to increasing complexity from regulatory authorities and retailers’ restrictions. Identifying regulatory, internal brand, or even retailer ingredient restrictions early-on is key to enabling innovation and the product pipeline, and avoiding formulation rework too late in the process.
Part of a Larger Problem: Outdated Tools and Systems
At most cosmetic companies, determining regulatory compliance is a very manual and isolated process. This is largely due to the disparate, outdated tools and systems that regulatory affairs teams are stuck using despite significant opportunities to improve efficiency, transparency, and collaboration through technology implementation.
In a recent independent survey of regulatory professionals, 50% of teams reported they still rely on SharePoint, email and spreadsheets to conduct their work. In the same survey, over 90% desired common features of modern regulatory management solutions like digital dashboards, integrated records, automatic notifications and a single source of truth. Download your copy of the “2020 Trends in Regulatory Management” report.
Formula Insights: Determine Compliance with a Click
The days of receiving email after email of formulas to check, and manually checking each potential regulation or standard, are over. With Formula Insights, RegulatoryOne users have real-time insight on formula compliance with visual indicators of compliance for each ingredient. Ingredient restrictions are imported from regulatory lists, third party providers, or even internal brand standards or retailers, to create customized compliance standards for your products. Formula Insights capabilities enable compliance at a quick glance and replaces tedious manual processes.
What can Formula Insights bring to your formula review process? Here are three major benefits.
The 2020 Regulatory Trends survey found that over 85% of regulatory professionals were looking for real-time reporting and dashboards as a part of their regulatory information management systems. Specific to Formula Insights, users can see automatically generated visual indicators of compliance for each formula with imported relevant regulatory and internal restrictions. This significantly reduces the time and energy to manually assess cumulative ingredient totals and compliance for countries, brand standards, or retailer standards. Formula Insights eliminates the back and forth communication between formulators and regulatory affairs asking “Can we launch this formula?” “What about here?” and enables transparency and visibility across functions into the decision making process. Visual, real-time indicators of compliance per country streamline communication and launch planning.
Reduce the time and energy necessary to request, determine, track and document compliance. Eliminate manual ingredient calculations or evaluating restrictions country by country. No more assessing formulas in disparate solutions separate from regulatory compliance. This directly relates to one of regulatory professionals greatest concerns - 42% of the 2020 Regulatory Trends survey respondents listed efficiency of reviewing and approving documents as their top concern. With Formula Insights, automated processes determine compliance, providing an end to end product regulatory solution from formula approval to submission dossier to country clearance with registration or notification to regulatory authorities.
3) Reduced Rework
Make formula adjustments easier, faster and with minimal errors. Formula Insights enables regulatory professionals to manage compliance upstream from the final formula and help avoid late stage innovation reformulation. Visual indicators of compliance in each region can provide early alignment on formula approval, avoiding potentially costly and time consuming reformulations after an ideal formula is obtained. A common process is to first evaluate the performance of a formula, then determine if it is compliant. No more wasted time by formulators or stakeholders assessing formulas that can’t even be launched. Imagine the power of knowing in advance if a formula is compliant, and if not...transparency to what adjustments are needed to satisfy applicable regulatory, brand, and retailer standards. Create formulas that meet performance and regulatory requirements, seamlessly and transparently.
Time to Modernize
With no end in sight to the business pressures on regulatory affairs departments, it’s time to make the case for modernization. Modernizing through the adoption of new technologies for regulatory management represents a low cost, low-risk proposition when compared to costly regulatory mistakes, missed product launches and/or M&A activities to address category expansion and new category entry. With modern tools like RegulatoryOne, regulatory departments can be agile, transparent and efficient -- and transform themselves into business growth enablers.
Ready to explore how Veeva can help you transform regulatory compliance in your organization? Contact us to learn more or request a custom demo.