The United States Patent and Trademark Office (USPTO) has granted leading U.S. Food and Drug Administration (FDA) compliance firm Registrar Corp a patent for the technology that powers RegiScore, the Food Industry’s leading compliance risk assessment tool.
RegiScore is a first-of-its kind compliance scoring system that uses predictive analytics to evaluate supplier risk for buyers of FDA-regulated products, such as food, medical devices, pharmaceuticals, cosmetics, etc. RegiScore’s proprietary algorithm generates a numerical value of 0 to 100 (a RegiScore) that represents a supplier’s risk based on their FDA compliance and shipment history.
RegiScore is powered by the FDA Compliance Monitor, Registrar Corp’s all-in-one system for supplier management. The Monitor systematically aggregates data from six FDA databases, providing a streamlined process that enables simple and expedient supplier compliance tracking. The data the Monitor gathers is analyzed using RegiScore’s patented method for generating compliance profiles and converted into RegiScores, providing importers a snapshot of their suppliers’ risk.
RegiScore also produces detailed reports of the historic compliance events that it analyzes. These events contribute to a supplier’s risk and with RegiScore, importers can view the impact individual or groups of events have on a score. Additionally, the Monitor displays RegiScores generated for individual products, allowing a user to assess their supplier comprehensively or on a product-by-product basis.
Buyers can also access suppliers’ RegiScores with the Monitor’s Marketplace tool, a new addition to Registrar Corp’s SaaS solutions. Marketplace is a product discovery system that includes the RegiScore of each supplier of the product. In that manner, importers can be assured that a potential supplier has a proven track record of consistent FDA compliance before the first purchase.
About the FDA Compliance Monitor
FDA’s Foreign Supplier Verification Program (FSVP) rule requires importers to only purchase from suppliers that they have approved based on the suppliers’ compliance with FDA food safety requirements.
The challenge for many food importers is sourcing suppliers that are consistently FDA-compliant. The FDA Compliance Monitor simplifies the search for compliant suppliers by centralizing supplier data in one simple, secure dashboard. The Monitor also allows importers to easily track their suppliers by providing continuous updates on Recalls, Inspection results, Warning Letters, Import Alerts, and more.
In 2020, Registrar Corp upgraded the Monitor with RegiScore and the Document Management System (DMS), a secure, cloud storage solution that allows importers to request, retrieve, and store crucial compliance documents from their suppliers.
In January 2022, Registrar Corp introduced Marketplace, a product discovery system that can be used alongside the Monitor, enabling users to source suppliers from the same secure platform their compliance team uses to help implement their FSVPs.
“We were looking at a great deal of time and money needing to be spent to manually research and track over 150 suppliers in our importing business,” said Steve Brunsting, Vendor Compliance & Sourcing Manager at Limson Trading Inc.
“After investigating several options, we felt that FDA Monitor from Registrar Corp was the perfect solution for our situation. The company understands the subtleties of the importing business, and the complexities of working with international suppliers in multiple countries.”
Hundreds of importers of food, drugs, devices, and cosmetics trust the FDA Compliance Monitor to help them streamline their supply chain management. To learn more about the FDA Compliance Monitor and RegiScore, contact Registrar Corp by phone: (757) 224-0177, by email: [email protected], or schedule a free demo to see the software in action.
