On average, it takes roughly 12 years for a life science product to go from the “What if we tried this …” stage (idea phase) to the “Take two of these to feel better” stage (on Market shelf). Roughly 12 years of work includes time and resources. Time and Resources are nothing but money and so are the risks. A small risk can interrupt the path, not only delaying the process but also making it more expensive affair.
It is therefore imperious that life sciences companies manage risk appropriately. The first and foremost task in risk management is identifying risks, which is the beginning. Addressing them requires everyone involved in the process and project to understand their roles and responsibilities. Establishing a strong risk culture starts at the higher level with clear direction and strong support from top down.
Companies need to have an effective risk management infrastructure in place at all levels to assess, prioritize and address risks according to both their probability and their potential level of threat. To set up an effective risk management infrastructure, risk responsibilities should be communicated and understood at four levels:
Large number of failures in the product not reaching the market or not being effective can be attributed to failed risk management. Life Sciences companies face numerous and unique challenges as their product life cycles evolve. How well the company is equipped to identify and mitigate these risks is the basic difference between success and failure. STS Risk Management team provides Life Sciences companies with end-to-end risk solutions, supporting organizations from the initial discovery phase to final product launch. Few needs that we address include: