Pharmaceutical

As the pharmaceutical industry — including biopharma, specialty drugs, generics, animal health, and nutraceuticals — continues to evolve and change, the risks faced by these businesses are becoming increasingly complex and interconnected.

The full impact of the COVID-19 pandemic will take time to be realized. But the current environment has put a spotlight on a number of trends that can pose risks to pharmaceutical companies, including:

Challenges related to drug development, marketing, and pricing
Navigating breakthrough health discoveries and “fast track” approvals
The continuing growth of generics
A complex global regulatory environment
Supply chain disruptions
Data sensitivity and cybersecurity threats

As pharmaceutical companies continue their recovery process, it is more critical than ever to have a risk management strategy in place to address emerging trends and protect fundamental operations.

Marsh’s risk advisors have vast experience working with companies like yours and can help you design, develop, and implement risk management strategies tailored to your unique needs.

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FAQ

Pharmaceutical companies share much of the same risks as in other industries, from banking and finance to energy companies. For this reason, it can be helpful to look both inside and outside of the industry for risk management approaches including:

Quantify your risks: Big data and analytics can help you objectively determine which risks pose the biggest threat to your bottom line.
Determine your risk tolerance: Understanding your organization’s comfort level with risk can help you make more effective risk mitigation and transfer decisions.
Develop a risk mitigation strategy: Once you understand your risk profile, you can take steps to mitigate potential risks.
Have a crisis management plan: Even with the best risk resiliency measures, your company can still face threats. Knowing what to do when a crisis materializes helps you address immediate challenges and start the process of recovery.

Our team of industry specialists have insight into the risks faced by companies within and outside the pharmaceutical industry. We can help you identify your most pressing risks, quantify them, and develop a custom mitigation and risk transfer plan.

Pharmaceutical