Managing Risk in the Life Sciences and Healthcare Supply Chain

FOR GREATER RESILIENCE

Is your supply chain ailing? Holistic risk management is just what the doctor ordered.

Life sciences include areas that serve the healthcare sector, such as bioscience, medical devices, and pharmaceuticals. Treatments are increasingly customer-centric, complex, and continually adapting, often with support of third-party partners. Supply chains for healthcare are under pressure to improve quality and sustainability, and lower costs.

Top Three Challenges for Life Sciences and Healthcare Supply Chains

ESG and ethics

With rising ESG awareness, stakeholders and patients demand ethical health supply chains.

Supply network inefficiencies

Partnerships need to include critical infrastructure and back-office systems.

Regulatory requirements

Tight regulations reinforce the need for robust medical supply chain risk management.

How Our Customers Master Supply Chain Risk

You don’t have to be afraid of implementing risk management. It’s not rocket science. It’s very doable, thanks to The riskmethods Solution.

Fabian Ulbricht - Manager Procurement – Rottendorf Pharma

With The riskmethods Solution, we can react much faster to risk situations. This has become a significant competitive advantage for us.

Gero Stüve - Head of Procurement – Rottendorf Pharma

With The riskmethods Solution, we are well prepared for the requirements of the German supply chain due diligence law.

Gero Stüve - Head of Procurement – Rottendorf Pharma

Why Manage Risk with The riskmethods Solution^TM?

Be risk aware

Ensure business continuity. Gain sub-tier visibility to make your life sciences supply chains more resilient.

React faster

Avoid costs. Leverage real-time supply chain healthcare data and streamline your actions to prevent risk from materializing.

Be proactive

Make better decisions. Remove vulnerabilities and prepare mitigation plans for all kinds of risk.

Use a Total View of Risk to Overcome Your Supply Chain Challenges

Challenge #1 Corporate Responsibility and ESG Criteria

Consumers and stakeholders increasingly insist on responsible businesses and healthcare industry supply chains that adhere to environmental, social, and governance (ESG) criteria.

Challenge: Consumers are more passionate about climate change and sustainability. Strict supply chain laws to enforce human rights are taking effect. This includes sourcing of materials and ingredients. The sector needs to demonstrate and verify ethical business in global healthcare supply chains.

With The riskmethods Solution, you can:

Get visibility into your supply network, to make risk-aware decisions. Avoid compliance violations in your supply chain of hospital and medical partners, and protect your reputation.
Safeguard company integrity. Automatically identify sustainability and compliance risk, so you can react in real time with streamlined mitigation actions.
Assess your suppliers on human rights and sustainability requirements and create risk profiles. Avoid penalties and sanctions in the life sciences and healthcare supply chain.

Risk #2 Supply Network Inefficiencies

Partnerships need to extend beyond customer-facing processes to include critical infrastructure, while safeguarding back-office systems and patient data from cyber risk.

Challenge: Life sciences and healthcare supply chains are complex. They connect laboratories and manufacturers to physicians, hospitals, healthcare partners, pharmacies, and consumers. Millions of patients rely on tens of thousands of products. With advances in digital medical technology and personalized medicine, cybersecurity is critical.

With The riskmethods Solution, you can:

Be risk aware. Gain visibility across your supply network, including distributors, supply paths, and healthcare partners. Supply chain management in the healthcare industry relies on risk monitoring for incidents that could impact deliveries and patient safety.
Map out your end-to-end supply chain for the healthcare industry. Uncover hidden risks such as regional supplier clusters. Should events threaten, you immediately see who might be affected and can establish the right priorities.
Avoid costs. Stay up to date on financial health, natural hazards, or compliance violations. Use risk profiles and ready-made action plans so you can respond before situations become critical.

Risk #3 Regulatory Requirements

Tight regulations reinforce the need for robust medical supply chain risk management. The risk of compliance violations is among the top concerns for medical supply chain management.

Challenge: Risk events in hospital supply chain management could have disastrous human, financial, and reputational consequences. Strict regulations govern health supply chain management, as well as approval for clinical innovations. Digital interconnectivity requires compliance to laws that protect patient information and medical records.

Use The riskmethods Solution to ensure compliance:

Understand the interconnections in your supply chain and healthcare partners to better assess the impact of any violations. Conduct surveys to make sure your suppliers comply with regulatory requirements.
Create comprehensive risk profiles to evaluate your business partners with regards to quality, cyber risk, work practices, sustainability, among others. With end-to-end visibility, real-time monitoring, and mitigation plans, you can act fast on compliance issues.
Use analytics tools to recognize patterns in the life sciences supply chains for hospitals and healthcare. Quantify the effectiveness of proactive and remediation measures and generate reports on your risk mitigation.