Organizations in pharmaceutical and life sciences have historically faced significant third-party risks associated with bribery and corruption, health and safety, and pharmacovigilance. But experts are warning that cybersecurity and data privacy are at greater risk than ever...
San Francisco, CA (PRWEB) January 15, 2021
Aravo Solutions, a leader in intelligent automation for third-party risk and performance management, experienced record growth in the pharmaceutical/life sciences sector in 2020. Aravo’s pharmaceutical and life sciences customer portfolio grew more than 40% last year to become one of the fastest growing and largest vertical markets in Aravo’s diverse customer base.
These new Aravo customers join many of the world’s largest global pharmaceutical and life sciences organizations, including three of the five top pharmaceutical giants. Aravo’s pharmaceutical and life sciences customers report that they chose Aravo for its product functionality, deep domain expertise in both the pharmaceutical industry and multiple risk domains, and ability to scale for volume, geography, and language.
“Organizations in pharmaceutical and life sciences have historically faced significant third-party risks associated with bribery and corruption, health and safety, and pharmacovigilance,” observes Aravo CEO Michael Saracini. “But experts are warning that cybersecurity and data privacy are at greater risk than ever as bad actors attempt to exploit the global pandemic.” These industries are attractive targets because of their IP, trade secrets, and the large amount of personal data they collect. Criminals will often target third party vulnerabilities as a way to access these data assets.
Pharmaceutical and life sciences organizations use Aravo to identify, manage, and mitigate a diverse range of third-party risks. Some of the most common include:
- Anti-bribery/corruption – Global operations, the overlap between healthcare or charity contacts and government officials, and strict regulatory guidelines require pharma to be especially vigilant when it comes to bribery and corruption risk.
- Information security – Greater reliance on outsourcing increases the risk of security breaches that threaten IP, operations, and other data assets.
- Data privacy – GDPR, HIPAA, and the ethical mandate to maintain confidentiality of patient data become more difficult as PHI and other personal data is shared across third-party outsourcers, such as clinical trial partners.
- Pharmacovigilance – Ensuring drug safety extends across the third-party ecosystem, from certifying that clinical trial investigators are reporting accurately to ensuring that partners avoid non-compliant communications and off-label usage.
- Health and safety – Regulatory and other guidance (e.g. US FDA CFR 21, EU and WHO guidelines) related to Good Distribution Practice (GDP) and Good Manufacturing Process (GMP) as well as responsible sourcing extend to third parties.
Product Features Support Unique Requirements
“Because of the nature of their business, our pharmaceutical and life sciences customers have unique needs when it comes to managing third-party risk,” comments Aravo CTO Eric Hensley. “For instance, many industries leverage Aravo’s ability to assess and manage risk at the engagement or contract level. But pharmaceutical companies often need to go a level deeper to assess sub-engagements, such as when a clinical trial investigator operates multiple sites under a single contract.”
Aravo pharmaceutical and life sciences customers often take advantage of ready-to-use applications for risk domains such as anti-bribery/corruption (including approving and tracking gifts), information security, and GDPR compliance. This option delivers quick time-to-market with a solution based on regulatory guidance and best-practice expertise. However, the flexible platform can be configured to meet virtually any unique requirements or bespoke assessments without expensive, time-consuming custom coding.
Aravo delivers the market’s smartest third-party risk and performance management solutions, powered by intelligent automation.
For more than 20 years now, Aravo’s combination of award-winning technology and unrivaled domain expertise has helped the world’s most respected brands accelerate and optimize their third-party management programs, delivering better business outcomes faster and ensuring the agility to adapt as programs evolve.
With solutions built on technology designed for usability, agility, and scale, even the most complex organizations can keep pace with the high velocity of regulatory change. As a centralized system of record for all data related to third-party risk, Aravo helps organizations achieve a complete view of their third-party ecosystem throughout the lifecycle of the relationship, from intake through off-boarding and all stages in between and across all risk domains.
Aravo is trusted by the world’s leading brands, helping them manage the risk and improve the performance of more than 5 million third parties, suppliers and vendors across the globe.