Original Source: Greg Dickinson | Hiperos

Over the past 20 years, society has shifted into a state of “industrial specialization,” with businesses moving more and more of their internal processes to third parties. Using an ever-increasing roster of suppliers, vendors, contract manufacturers, resellers, affiliates and other entities, companies  have made dramatic improvements in their efficiency, their productivity and their effectiveness. But along with benefits, the elevated role of third parties has brought risks. Regulators and social media are increasingly holding pharmaceutical, medical device and biotechnology companies accountable for the conduct of their third parties. Relationships that are not managed properly could result in anything from large fines to jail time, suspended product deliveries, lost sales and lasting damage to life science firms’ brands…

Contributors: Hiperos
Categories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management