SpendEdge Examines the Biopharmaceutical Industry’s Need for Legal Services

SpendEdge helped a leading pharmaceutical company examine why expert legal services are so critical in the biopharmaceutical industry. (Graphic: Business Wire)

LONDON--()--To mitigate risks, anticipate obstacles, and protect your clients and your business, legal services and protection are a necessity for biopharmaceutical companies. A recent study from SpendEdge, a procurement market intelligence firm, helped leading pharmaceutical company with operations across the globe examine why expert legal services are so critical for this industry and how companies can procure the best service available.

View the study: https://www.spendedge.com/casestudy/supply-market-intelligence-biopharmaceutical-company

What do legal services entail?

For the biopharmaceutical industry, legal services have both defensive and preventative functions. Biopharmaceutical companies often use these services to ensure that they are following pharmaceutical law and other legal or medical requirements in each region they operate in, or to defend themselves in case of legal conflict such as class-action or personal injury lawsuits.

Impact of legal services on the biopharmaceutical industry

In North America—the US especially—pharmaceuticals and biopharmaceuticals are among the most highly regulated products in any market. They must pass stringent testing by organizations like the US’s Food and Drug Administration (FDA) and Canada’s Health Canada agency before they are allowed into the market.

Biopharmaceutical products are also subject to strict laws regarding how they can be marketed to healthcare practitioners and to patients, including what kind of claims the manufacturer is allowed to make about them. Distribution of biopharmaceuticals is also generally very highly regulated—for example, most are not able to be sold without a prescription, or may only be sold in certain quantities. The use of legal services from the earliest stages of product development can help ensure that biopharmaceutical companies are complying with legal regulations, and will help to protect patients. If a company breaks a law regarding production, distribution, or marketing, legal services are required for lawsuits, court proceedings, or other legal consequences that the company may face.

Because legal requirements and pharmaceutical law differs around the world, legal services are an absolute necessity for biopharmaceutical companies to remain successful and offer safe, effective products. Choosing the right law firm or legal service can be a complex matter for biopharmaceutical companies, especially those that operate in multiple regions or who are international. Companies should prioritize choosing legal services that can address all of their potential risk factors and anticipate different scenarios, and those that can legally guide them from a product’s conception to its entrance into the market. Companies should utilize supply market intelligence in order to determine which legal services is most suitable for their needs.

SpendEdge supports category managers by providing insights for improved sourcing and procurement decision making. Request a demo and see how we can help you.

SpendEdge’s procurement experts have experience in and in-depth knowledge of supply market intelligence and research for the legal services industry, and can help you to select the best suppliers for your business. They offer a blended research methodology of qualitative and quantitative research, followed by data analysis, supplier specific insights and developments, and interviews with investors and industry stakeholders to ensure that you have a complete picture of the market over the long- and short- term.

About SpendEdge

SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred market intelligence partner for leading Fortune 500 firms and other leading companies across a variety of industries. Our strength lies in delivering actionable insights that help sourcing and procurement professionals get the right information in the right format, without any unnecessary frills.

Our procurement market intelligence coverage extends across critical processes of sourcing strategy planning and helps clients achieve more than just monetary savings. Our procurement insights are well-defined to meet the information needs of procurement organizations, and are aimed at helping category managers extract hidden values out of sourcing teams, suppliers, contracts, and processes.

Contacts

SpendEdge
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.spendedge.com/
hello@spendedge.com

Release Summary

SpendEdge helped a leading pharmaceutical company examine why expert legal services are so critical in the biopharmaceutical industry.

Contacts

SpendEdge
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.spendedge.com/
hello@spendedge.com