Conducting detailed and holistic assessments of all risks before engaging a new third-party in the healthcare industry is critical, particularly when expanding into less familiar and high-risk territories.
Healthcare supply chains can be complex with tier-1, tier-2 and tier-3 suppliers, as well as third-party vendors and distributors located across the globe from the company’s headquarters.
Dealing with many third parties means that healthcare, pharmaceutical and life science companies often face legal risks as well as heightened risk of fraud, corruption, bribery and anti-competitive behaviour. They also face regulatory enforcement and health and safety risks which are commonly reported as part of ESG risks.
Given the common interactions with healthcare professionals (HCPs) as well as governments and hospitals, the visibility and due diligence of third-party relationships in supply chain and distribution are key.
Your suppliers such as clinical trials, distributors including pharmaceutical stores and laboratory logistics, and other business partners, are considered an extension of your company. It is therefore in your company’s best interest to build a third-party risk management programme.
What is due diligence for healthcare companies?
Healthcare, pharmaceutical and life science companies operate in a highly competitive and tightly regulated industry, with some of the largest FCPA fines in history.
The often-long lead times and significant investment needed to bring products to market drives the need for high levels of security and discretion in the industry.
A robust third-party risk management programme, including data, technology and expertise, is essential to manage a large network of third parties, and to flag and uncover hidden risks, particularly in high-risk countries.
Protect your business from reputational damage and financial loss
We help healthcare, pharmaceutical and life science companies to reduce operational costs and manage the complexity of their operations associated with a large number of third parties – from onboarding and continuous monitoring to renewal - while safeguarding their reputation and helping them to meet regulatory obligations.
Screen your third parties
Screen for high-risk individuals and entities globally with LSEG World-Check. This database consists of millions of profiles that will help you uncover hidden risks in business relationships and human networks. You can identify sanctioned entities and individuals, including foreign officials and state enterprises. With adverse media screening, your healthcare company can uncover risks indicating a third-party’s potential involvement in alleged criminal activity that could lead to financial, reputational or other types of risks.
Receive ratings, insights & analysis
Get detailed background checks and analysis on companies and individuals, based on your specific interests and risks with LSEG Due Diligence Reports. Our reports deliver accurate risk ratings, so you can make informed decisions when engaging with third parties.
Access our technology platform
Centralise your third-party risk management processes using LSEG Due Diligence Centre. This technology platform will help your healthcare company to guide stakeholders throughout the lifecycle of third-party relationships – including initial assessment, onboarding, ongoing monitoring, renewal or end of life.
Partner with us for support
Use our third-party onboarding programmes and managed screening services. Our teams will manage your programme through our proprietary technology platform LSEG Due Diligence Centre, creating more efficiency for your healthcare business and giving you more time to spend on strategic tasks.
Why we are trusted worldwide
Uncover background, reputation, ethics and political connections of your third parties so you can protect your healthcare company’s reputation while avoiding fines and other risks.
Understand location-based risk when conducting business in unfamiliar jurisdictions and emerging markets, using our intelligence network, covering 217 countries combined with our extensive language capabilities to provide truly global coverage enriched with local knowledge.
Manage and mitigate your regulatory risk by leveraging our industry-trusted and reliable screening and due diligence insights from our team of research specialists, underpinned with industry leading World-Check data, accredited with ISAE 3000 certification.
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