Things take time in the life sciences industry.
For instance, in the United States, you could walk across the whole country from sea to shining sea about 24 times before the average drug makes it to market.
It takes roughly 12 years for a product to go from the “What if we tried this …” phase (i.e., development) to the “Take two of these and call me in the morning” stage (i.e., distribution). And as we’ve all heard over and over again: Time is money.
As are the risks.
A small manufacturing error alone could interrupt this lengthy and costly process, costing millions of dollars. That’s why it’s imperative that life sciences companies manage risk appropriately.
5 Things You Didn’t Know About Life Sciences Risk Management
- 1) Total Recall: The average cost of a product recall in the life sciences industry is $10 million.
- 2) Quality Qualifiers: The percentage of drug shortages that result from quality concerns is 40 percent.
- 3) Same Issue, Different Day: More than three-quarters (80 percent) of quality problems are repeat issues.
- 4) Efficient and Effective: Sphera’s quality risk assessment software help companies achieve 50 percent gains in efficiency on average.
- 5) All Aboard: Nine out of the 10 largest life sciences companies use Sphera for their quality risk and operational risk management needs.