SEIA Team members attend the Sanctions & Trade Compliance in Life Sciences Conference in Zurich.
Zurich, Switzerland – SEIA was happy to participate in the annual spring gathering of trade compliance professionals in the life sciences industries, including Pharma and Medical Devices.
Over the course of the two-day event we delved deeply into how we can navigate the growing complexities and regulatory demands that are highlighted best in these industries, as they occupy a nuanced position where engaging with critical nations remains possible, albeit under stringent compliance measures.
Esteemed speakers touched on how to optimize valuation practices, manage deemed re-exports & technical assistance, and navigate the intricacies of the Carbon Border Adjustment Mechanism. However, amidst these discussions, the looming topic of Russian sanctions inevitably took center stage.
During the event, Dr. Marcin Lukowski of Bausch + Lomb posted a cheeky note that: “I would write a substantive post here but live discussions are too interesting to waste time on it now, sorry”, highlighting the enthusiastic engagement of the participants.
From SEIA we looked into how data analytics can support companies that operate in the land of exceptions, where a variety of complex business is possible, but needs to be done perfectly, and delved into specific examples of how SEIA identifies issues related to circumvention. Erika Trujillo, SEIA's Co-Founder and Managing Director, ignited a thought-provoking dialogue with her questions for the audience: “Our processes are becoming more digitized, and we are becoming significantly more liable for the data we have. How is this new catalyst of digitization changing the way that we need to bring oversight and monitoring into our daily compliance work? How can we make meaningful compliance achievable and good for business?”
The pivotal role of data analytics in Trade Compliance is increasingly evident. With the advent of the digital era, harnessing internal data to pinpoint and comprehend compliance risks has become imperative, as “we get so caught up trying to know our customer that we forget to know ourselves.”