Life Sciences Third Party Relationship Management
Leveraging third parties is a key business growth strategy and is increasing in the life sciences sector as these partnerships help pharmaceutical, medical device and biotechnology companies complete important research and clinical trials as well as commercialize, manufacture and distribute products. Often, these relationships provide greater process efficiencies, operational effectiveness and cost savings by shifting noncore functions to more specialized third-party providers.
However, while there are many benefits to working with third parties there are also risks. Failure to properly manage these third-party relationships can result in financial loss or expose an organization to further regulatory or legal challenges. Life sciences companies must understand the risk factors involved with these relationships to proactively mitigate and manage them in a responsible manner. Learn more about life sciences risk management as it relates to third party vendors below.
Learn how to better understand and control risks associated with target companies or potential partners through integrity due diligence.
This recent interview with Risk & Compliance magazine discusses the unique bribery and corruption risks life sciences organizations face.
Leveraging third parties can lead to significant efficiencies, but you must account for inherent risks that lie with your organization.
Vendor fraud is one key fraud category to watch. Learn three practices to help detect and prevent fraud in your vendor management process.
When overseeing third parties, details matter. RSM provides tips on how to manage third-party risks and best practices to follow.