Eddie Albers
US Life Sciences Practice Leader
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United States
US biotech firms have a unique risk profile and can benefit from a multi-step approach to managing risk. Best practices commonly include:
- Focusing on information security: The threat of data compromise is real, especially in an industry that combines emerging technology with big data reflecting measures of life and health.
- Insuring property: Having adequate insurance coverage and mitigation plans can help with business continuity and recovery from financial losses.
- Protecting revenue streams: Biosimilar product development is rapidly advancing to create competition in the biotech sector. Leading companies will invest in research and development as well as strategic acquisitions to rebuild pipelines and continue to innovate and develop lifesaving therapeutics for unmet needs.
- Following regulations: The biotech environment — including the production, sale, and use of biotech products — is heavily scrutinized by regulators. The cost of violating regulations can be very impactful on a business of any size. It is critical to know which ones apply to your company and understand them thoroughly.
- Anticipating supply chain risks: Developing a plan to prevent and respond to disruptions allows you to maintain the flow of production inputs and your production processes without significant delays.
Marsh’s industry specialists have extensive experience helping companies like yours. Our data-driven approach can help you select the most appropriate plans, processes, and procedures for your organization, allowing you to better prepare for adverse events.