A Supplier’s Guide to Servicing a Life Sciences Company
Monday August 5, 2013
Pharmaceutical, medical device and biotechnology companies rely on vendors to fulfill numerous business critical needs. Whether it is a product, service or IT solution, successful vendors all have a critical component in common: they must anticipate the regulatory risk life sciences companies face and adapt proactively.
For example, a medical device company may purchase a specialized electronic chip in order to manufacture their product. And while the FDA requires a comprehensive quality system be in place for the manufactured product, it holds the medical device company accountable for the finished good, even if the electronic chip malfunctions. While the electronic chips vendor is not held accountable by regulatory standards, a supplier is required to implement appropriate quality and compliance safeguards throughout its own supply chain. As an active partner in the supply chain process, the vendor becomes a much more attractive business entity to life sciences companies.
In the end, vendors who adopt a life sciences approach will experience both a competitive business advantage and an increase in the quality of their own supply chain.
Posted by Joe Brundage, Validation Analyst