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Webcast

Building resilience into your life sciences supply chain

June 21, 2022

Our recent webinar looked at the rising frequency and severity of external threats to the life sciences supply chain, how the insurance market is responding, and what you can do to mitigate your risks.
Marine
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The life sciences sector is heavily networked and more reliant on third parties than other industries.

Knowing where your materials are and how this affects your capability to manufacture is essential.

With disruption increasing, our webinar on 23 March 2022 looked at the rising frequency and severity of external threats to the life sciences supply chain, how the insurance market is responding, and what you can do to mitigate your risks.

Supply chain risks affect life sciences every day

It’s not uncommon for the simplest of drugs to have a complex supply chain, with 60-70 participants.

The consequences of disruption can be severe, ultimately leading to delays in life-saving drugs reaching patients.”

John Connolly | Life Sciences Industry Leader – North America, WTW

No two supply chains are the same. The consequences of disruption can be severe, ultimately leading to delays in life-saving drugs reaching patients.

The consequences of disruption can be severe, ultimately leading to delays in life-saving drugs reaching patients.

Risks can occur throughout the chain – from the upstream supply of raw materials, through manufacturing and packaging to downstream distribution and wholesale.

In a recent 48-hour period, all these threats to the life sciences global network took place:

A strike at a major airport hub

A chlorine leak at a facility

A tornado near a pharma manufacturer

A product recall

A lawsuit regarding theft of trade secrets

Disruptions like these are common.

Other destabilizing factors include natural disasters, the ongoing pandemic, cargo ships stuck in trade lanes, inflationary pressures, worker shortages, political unrest, cyber attacks, port shutdowns and materials shortages.

These are all examples of the unprecedented uncertainty and systemic risk faced by the life sciences industry

About the webinar

During this webinar, our experts covered:

  • Supply network risks affecting life science businesses today
  • How supply chain complexity can impact losses
  • Potential exposure distruption to patients and providers
  • Real-life claims examples
  • Insurance considerations in supply chain contracts
  • Marine-cargo insurance solutions
  • What insurance is avaible to cover non-damage business interruption

Webinar recording

In case you missed it, the webnar recording can be accessed below:

Building resilience into your life sciences supply chain webinar recording

Webinar write up

We have also put together a review document providing an overview of the key talking points and learnings from the webinar, which can be downloaded from the link below:

Download

Disclosure

Willis Towers Watson offers insurance-related services through its appropriately licensed and authorised companies in each country in which Willis Towers Watson operates. For further authorisation and regulatory details about our Willis Towers Watson legal entities, operating in your country, please refer to our Willis Towers Watson website. It is a regulatory requirement for us to consider our local licensing requirements.

For more information, please contact

John Connolly
North American Practice Leader – Life Sciences

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