LONDON--(BUSINESS WIRE)--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.
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.
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