Risk management
Challenges
The life sciences industry (pharmaceuticals, biotechnology and medical devices) faces significant risks inherent in the business. Executives and directors must address the continual demands of a multitude of constituents – regulators, investors, partners, insurers, physicians, patients, lawyers, the media and others. Meeting these needs adds complexity and heightens risk, and as these risks converge and overlap, managing risk becomes simultaneously more difficult and more important.
Risk management challenges have been underestimated in the past by the life sciences sector and include:
- Changing and increasingly complex regulations
- Unwanted disclosure and publication of clinical trial results
- Illegal copies of products and patents
- Insufficient control of third parties
- Data leakage in research and development
Life sciences companies or institutes need to focus on:
- Ensuring that sensitive information is properly monitored
- Ensuring supply chain integrity
- Finding the best way to manage risks by an appropriate:
- Organisation
- Risk management IT system
- Set of processes
- Safeguarding brand image and introducing anti-counterfeiting solutions
Deloitte service offering
To help life sciences organisations to control quality and risk management, Deloitte service offering includes:
- Defining a global risk map and identifying key risks
- Defining risk management organisation, policies and processes
- Supporting the selection of an appropriate risk management system
- Giving individualised risk management coaching and training
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