China’s Crackdown on GlaxoSmithKline Shows Importance of Pharmaceutical Risk Management
As pharmaceutical giant GlaxoSmithKline undergoes intense scrutiny from the Chinese government, the rest of the World, especially the healthcare industry, looks on and awaits the ultimate findings or fallout from the investigation of the company’s alleged inappropriate practices. The investigation brings to light the fact that all companies that have locations in global markets, regardless of industry, experience some form of risk.
The New York Times recently posted an article on the GSK story, “GlaxoSmithKline Accused of Corruption by China,” in the Global Business portion of News. The article offered details surrounding the recent investigations in China, and how they have mostly centered around the “crackdown on fraud and corruption involving foreign companies.”
In order for leaders to avoid confrontations with governments in these high growth markets, they must first become aware of the cultural norms, regulations, and rules that often vary from country to country. Given the need for this data, Best Practices, LLC developed a series of reports on risk management practices and crisis management insights that will help Pharmaceutical and Medical Device companies to guard against catastrophes.
One of the benchmarking reports, “Best Practices in Crisis Management & Business Continuity for BioPharma Manufacturing and Supply Chain Operations,” discusses the critical need for practice drills to better prepare employees for emergencies. One of the areas of interest identified by leaders was how the newest cutting edge technologies will effect risk management. Provided below is a slide from the report on Business Continuity.