Many Life Sciences companies have become ever reliant on global supply chains in order to source raw materials, active pharmaceutical ingredients (APIs) and even finished therapies and diagnostics. Likewise, internal manufacturing operations are often limited by sole source, validated processes taking place at a single location. Add in threats of outside forces such as pandemics, labor shortages, and weather-related issues like wildfires, hurricanes and floods, and you have a recipe for catastrophic disruptions to your business.
Throughout this panel discussion, we will be looking at ways to minimize risk through effective business contingency planning. This will entail assessing risk by understanding supply chains and bottlenecks, contractual resiliency through strong supplier agreements, mitigation on reliance of key sole source suppliers, having robust inventory management programs that balance business contingency with just-in-time (JIT) delivery and look at ways to limit impact on validated manufacturing processes. Especially when you can’t rely on regulatory allowances such as Emergency Use Authorizations.
Effective business contingency planning can help take the sting out of our vulnerable, uncertain, complex and ambiguous (VUCA) world. Supply chains are becoming more complex and globally intertwined. This session will cover a variety of exposures that threaten to shut down or interrupt your business ranging from supply chain issues to labor shortage to climate change- all of which put pressure on producing product or delivering service. We will close by outlining insurance considerations across property and casualty coverages including business interruption cover to help transfer part of your risk.