Complex Nth-Party Relationships:<\/h5>

Managing numerous third-party relationships, including those of suppliers' suppliers (Nth parties), poses significant challenges due to limited oversight and visibility into this extensive ecosystem, leaving organizations vulnerable to various risks.\n\n

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Supply Chain Disruptions: <\/h5>

Events like the COVID-19 pandemic highlight how disruptions, such as sourcing issues and transportation delays, can disrupt the pharmaceutical supply chain, underscoring the need for enhanced traceability and resilience.\n\n

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Siloed Processes: <\/h5>

Operating in silos hampers collaboration and data sharing across departments, leading to fragmented insights and hindering proactive risk management efforts.\n\n\n

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Limited Visibility:<\/h5>

Siloed supplier management processes result in inadequate visibility into the supply chain, making it challenging to anticipate and prevent supplier-related issues.\n\n\n

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Onboarding Risks: <\/h5>

Effective supplier management should begin at the evaluation stage to identify high-risk suppliers before onboarding, ensuring proactive risk mitigation strategies are in place.\n\n\n

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Inefficient Collaboration: <\/h5>

Manual processes impede data sharing and change tracking, leading to time-consuming and error-prone supplier collaboration, hindering operational efficiency.\n\n

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Global Supply Chain Complexity: <\/h5>

Geographically dispersed supply chains with multiple stakeholders increase the risk of vulnerabilities and ethical lapses, necessitating robust due diligence practices to address transparency issues.\n\n

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Emerging Threats: <\/h5>

The pharmaceutical industry faces rising threats such as counterfeit drugs, cyberattacks, and biosecurity concerns, highlighting the need for continuous adaptation of due diligence procedures and cybersecurity protocols.\n\n

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Resource Constraints: <\/h5>

Comprehensive due diligence requires significant resources, including personnel, expertise, and technological tools, posing challenges for pharmaceutical companies, as many struggle to allocate sufficient resources for supply chain due diligence.\n\n\n

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By addressing these challenges and implementing effective due diligence practices, pharmaceutical companies can enhance regulatory compliance, mitigate risks, and ensure the integrity and resilience of their supply chains.\n\n\n

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Solutions for Effective Third-Party Due Diligence:\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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To effectively identify and evaluate supply chain and other third-party risks, companies require access to comprehensive, reliable information about their suppliers and vendors. Risk management and fraud prevention professionals need tools that enable them to anticipate risks occurring at any point in the extended global supply chain. However, relying solely on manual due diligence tools and consumer-oriented search engines proves to be costly and time-consuming.\n

\nAutomated solutions are essential, conducting identity verification and flagging vendors for further investigation. Proactive risk intelligence tools can help organizations reduce exposure to corruption and fraud, ensure regulatory compliance with minimal disruption to the supply chain, mitigate reputational and regulatory risks, and maintain control over their supply chain partners.\n

\nIntelligent screening technology enables companies to:\n

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• Gain in-depth knowledge of suppliers and safeguard against operational and reputational risks or sanctions.
  
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• Develop a deep understanding of suppliers through ongoing adverse media searches of news and internet sources, corporate registration data, and litigation and regulatory databases.\n
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• Detect and address critical risks in real-time by tracking a wide range of local, national, and international sources, including news media, trade journals, legal publications, and content not available on public websites.
  
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• Easily understand relationships between parent and subsidiary companies, determine the level of risk associated with a person or business, and flag vendors for further investigation.
  
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• Spot negative mentions about a vendor on social media platforms and assess potential negative affiliations with people and businesses.
  
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  Regtech companies that provide due diligence and compliance solutions for screening are valuable resources for companies seeking to enhance their third-party due diligence processes. These companies offer specialized tools and technologies designed to streamline due diligence, improve compliance, and mitigate risks associated with third-party relationships.\n\n\n
  
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  Zigram\u2019s Comprehensive Due Diligence Reports for Mitigating Risks in the Supply Chains\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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  Zigram\u2019s Due diligence report solution offers deep, contextual and use case specific research to mitigate risks and fulfil regulatory requirements. Its features include-\n
  
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  • Multiple variants and types of reports
    
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  • Extensive coverage \u2013 2,700+ watchlists and 7 Billion+ articles
    
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  • Specialist research and background check teams
    
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  • Technology enabled TAT and scale
    
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    In conclusion, the pharmaceutical industry's immense economic significance underscores the critical importance of robust supply chain management practices. With complex global supply chains come various risks, including regulatory fines and reputational damage. To address these challenges effectively, prioritizing third-party due diligence is essential. By thoroughly vetting suppliers, leveraging technology-driven solutions, and fostering collaborative initiatives, pharmaceutical companies can mitigate risks, ensure regulatory compliance, and uphold ethical standards throughout their supply chains. Additionally, partnering with reputable suppliers and embracing emerging technologies like blockchain and AI can further enhance due diligence efforts. Regtech companies specializing in due diligence and compliance solutions offer valuable resources to streamline processes and mitigate risks associated with third-party relationships. By investing in comprehensive due diligence practices, pharmaceutical companies can strengthen their competitive position, safeguard their reputation, and contribute to the well-being of society while ensuring the integrity and resilience of their supply chains.\n\n\n
    
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      • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t#Supply Chain<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
      • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t#Due_Diligence<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
      • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t#AML<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
      • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t#Compliance<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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        \n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

        In today’s tightly regulated pharmaceutical industry, where the quality and safety of products directly impact public health, the importance of rigorous supply chain management cannot be overstated. Due Diligence is at utmost important for pharma businesses to stay ahead in this landscape.<\/p>\n","protected":false},"author":1,"featured_media":16517,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60,69,55,64],"tags":[31],"class_list":["post-16516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-due-diligence","category-esg","category-regulation","category-risks","tag-due-diligence"],"_links":{"self":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts\/16516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/comments?post=16516"}],"version-history":[{"count":2,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts\/16516\/revisions"}],"predecessor-version":[{"id":21489,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/posts\/16516\/revisions\/21489"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/media\/16517"}],"wp:attachment":[{"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/media?parent=16516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/categories?post=16516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testv2.zigram.tech\/wp-json\/wp\/v2\/tags?post=16516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}