Bioeconomy Corporation (formerly Biotech Corporation) acts as the central point in providing support, facilitation, and advice to nurture and accelerate the growth of bio-based companies. It has the mandate to manage a special status, known as BioNexus status, for qualified biotechnology companies that undertake value-added biotechnology and/or life sciences activities. The status bestows fiscal incentives, grants, and other guarantees to assist growth.
The systems in use by our client for managing the compliance of BioNexus status companies had reached the end of life, and operational processes were being managed in silos with a combination of legacy software, Excel sheets, scattered documents, and emails. There was a need for an integrated solution.
GoodCore built an integrated solution comprising of an online platform using which BioNexus status companies would securely submit financial and compliance-related information to our client. This includes the balance sheet, income statement, and other key statistics required for compliance.
On the backend, the system offered workflows to be used within the monitoring and compliance department at our client organization to take the information through a review and approval process.
We developed tools such as Investment Analysis, Revenue Analysis, R&D Analysis, and Employment Analysis for analyzing the submitted information and check if it met the compliance requirements.
GoodCore was also tasked to perform data migration from disparate legacy systems into the new system.
The system GoodCore built enabled end-to-end process of online submission of financial status information and compliance progress reports by BioNexus companies. It increased the efficiency in information retrieval and tracking of the company status and enabled our client to use data analysis and reporting tools to manage the compliance process.