SpendEdge Examines the Biopharmaceutical Industry’s Need for Legal Services
27 April 2017 - 6:46PM
Business Wire
To mitigate risks, anticipate obstacles, and protect your
clients and your business, legal services and protection are a
necessity for biopharmaceutical companies. A recent study from
SpendEdge, a procurement market intelligence firm, helped
leading pharmaceutical company with operations across the globe
examine why expert legal services are so critical for this industry
and how companies can procure the best service available.
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SpendEdge helped a leading pharmaceutical
company examine why expert legal services are so critical in the
biopharmaceutical industry. (Graphic: Business Wire)
View the study:
https://www.spendedge.com/casestudy/supply-market-intelligence-biopharmaceutical-company
What do legal services entail?
For the biopharmaceutical industry, legal services have both
defensive and preventative functions. Biopharmaceutical companies
often use these services to ensure that they are following
pharmaceutical law and other legal or medical requirements in each
region they operate in, or to defend themselves in case of legal
conflict such as class-action or personal injury lawsuits.
Impact of legal services on the biopharmaceutical
industry
In North America—the US especially—pharmaceuticals and
biopharmaceuticals are among the most highly regulated products
in any market. They must pass stringent testing by organizations
like the US’s Food and Drug Administration (FDA) and Canada’s
Health Canada agency before they are allowed into the market.
Biopharmaceutical products are also subject to strict laws
regarding how they can be marketed to healthcare practitioners and
to patients, including what kind of claims the manufacturer is
allowed to make about them. Distribution of biopharmaceuticals is
also generally very highly regulated—for example, most are not able
to be sold without a prescription, or may only be sold in certain
quantities. The use of legal services from the earliest stages of
product development can help ensure that biopharmaceutical
companies are complying with legal regulations, and will help to
protect patients. If a company breaks a law regarding production,
distribution, or marketing, legal services are required for
lawsuits, court proceedings, or other legal consequences that the
company may face.
Because legal requirements and pharmaceutical law differs around
the world, legal services are an absolute necessity for
biopharmaceutical companies to remain successful and offer safe,
effective products. Choosing the right law firm or legal service
can be a complex matter for biopharmaceutical companies, especially
those that operate in multiple regions or who are international.
Companies should prioritize choosing legal services that can
address all of their potential risk factors and anticipate
different scenarios, and those that can legally guide them from a
product’s conception to its entrance into the market. Companies
should utilize supply market intelligence in order to
determine which legal services is most suitable for their
needs.
SpendEdge supports category managers by providing insights
for improved sourcing and procurement decision making.
Request a demo and see how we can help you.
SpendEdge’s procurement experts have experience in and in-depth
knowledge of supply market intelligence and research for the legal
services industry, and can help you to select the best suppliers
for your business. They offer a blended research methodology of
qualitative and quantitative research, followed by data analysis,
supplier specific insights and developments, and interviews with
investors and industry stakeholders to ensure that you have a
complete picture of the market over the long- and short- term.
About SpendEdge
SpendEdge shares your passion for driving sourcing and
procurement excellence. We are a preferred market intelligence
partner for leading Fortune 500 firms and other leading companies
across a variety of industries. Our strength lies in delivering
actionable insights that help sourcing and procurement
professionals get the right information in the right format,
without any unnecessary frills.
Our procurement market intelligence coverage extends across
critical processes of sourcing strategy planning and helps clients
achieve more than just monetary savings. Our procurement insights
are well-defined to meet the information needs of procurement
organizations, and are aimed at helping category managers extract
hidden values out of sourcing teams, suppliers, contracts, and
processes.
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SpendEdgeJesse MaidaMedia & Marketing ExecutiveUS: +1 630
333 9501UK: +44 208 123
1770https://www.spendedge.com/hello@spendedge.com