?Life sciences companies and healthcare providers of all sizes face a more complex risk environment, not only because of the global economic downturn but also because of regulatory changes including healthcare reform.
Do you know where your risks lie?
The key to protecting assets in any economy according to Ernst and Young?s research report, Lessons for Change, A Changing Environment for Life Sciences Industry, in particularly in difficult times is managing risks effectively and avoiding them where possible. Companies in other industries can respond to economic uncertainty by simply cutting back on their risk-taking.
But risk is central to life sciences, where companies are dependent on research and development and, increasingly, new business models. Medtech companies in particular need to keep the innovation engine running, since the shorter innovation cycles in this sector mean that most mature medtech companies derive the majority of revenues from products introduced in the last two to three years.
?Life sciences companies deal with risk every single day,? says Jeff Steinberg, a leader in Ernst & Young?s Global Risk Advisory Services group for the life sciences industry. ?We rarely use the term ?risk avoidance? in this industry because you can?t be in this business without taking risks. The only way life sciences companies are going to survive and thrive is by taking more risks in the core business of product development.
?The question then becomes: How effectively are you managing your overall risk profile??
Companies are increasingly exposed to new risks to their reputation and brand, as cross-border alliances, third-party business partners and outsourcing become more common.
The Life Science and Healthcare Executives and professionals that are asking this question and seeking Business Intelligence Solutions help to not only reduce and control their costs around risk but are seeking industry solutions and results for a predictable fee.
Via our Managed Services offering, we are providing life science companies and healthcare providers with a comprehensive yet cost-effective solution to help manage risk and support the entire technical infrastructure, employees and strategic and other? tactical business initiatives.
As the breadth of risks the industry faces increases, companies and providers are also under pressure to increase the cost efficiency of risk management. It is not uncommon for several groups within an organization to focus on a single risk to various degrees, while leaving another risk completely unmanaged.
Life sciences companies and providers are therefore engaged in a balancing act between trying to enhance their risk management capabilities and keeping costs down.
?Nobody wants to spend an ignite amount of money on risk management,? says Steinberg. ?There are lots of opportunities to streamline the way risks are being managed.?
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Source: http://www.busintellsol.com/blog/reassess-your-ability-to-manage-risk/
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