This involves more than just timely recalls of individual products that have proven to be defective. It also means managing the industry's reputation as a whole, ensuring that the general public knows that the sector remains focused on its original purpose — improving the health and wellness of people — and not just on increasing profits. Failure to deal with any number of threats to the sector's reputation usually results in loss of sales and even more government regulation.
Further Cost Containment
Gaining access to capital is hard enough in the life sciences sector, so you want to control costs at every stage of the product pipeline. This means finding and implementing new efficiencies whenever possible.
Outsourcing and Supply Chain Management
Innovation is important not only in science but also in business. Finding ways to enhance talent through outsourcing whenever applicable and managing your supply chain are vital steps to keeping new products moving through the pipeline.