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Life Sciences Business Continuity: Part 1 The Disaster Plan

02/21/12

Business continuity policies are extremely important for businesses involved in life sciences. The loss of medical technology or research can be a significant interruption. At Globalex we are here to provide support and resources for the business continuity planning initiatives of our clients.

Life Sciences is an innovative industry and companies can struggle to catch up if hit with a catastrophe.  Prevention is much more valuable than reaction.  However, a written disaster recovery plan is still vital to the continuity of any business. Below, we provide guidelines for starting your own disaster plan.

Disasters can strike at any time. They may be natural, such as an earthquake or a blizzard.  They may have a human origin such as, theft or arson. Regardless of the disaster, life science companies need to think about all the events that could interrupt their business.  This may seem like a daunting task but if you ask yourself some simple questions you may find it’s easy to come up with a disaster plan after all.

Here are some questions to consider:

  1. What are your core operating functions that generate revenue and cover expenses?  Is one more important than the other?
  2. What are the characteristics of the building and locale where you operate?  Are you near train tracks, hazardous material storage, etc.?
  3. Are you overly dependent on one client; one supplier/vendor; or face a higher exposure to loss at one time of the year versus another?
  4. Considering the main purpose of your business and its operational procedures, what are your top priorities in the prevention and response to a disaster?

 

Once you’ve answered these questions you should be able to examine your individual risk characteristics and begin preparing for reducing the potential likelihood of being affected by a catastrophe. For example, if your business creates and tests new pharmaceuticals, contamination or theft could be disastrous. To stop these things from happening, a company with a disaster plan would require special dress and procedures when handling substances, as well as a procedure regarding medical disposal, and a plan for the storage of valuable information.

Natural disasters can cause serious business interruption, and are frequently thought of first when preparing a contingency plan. Think about where you are located, and what types of disasters are probable and prepare for those.  Perhaps that means purchasing generators, snowplows, or sand bags. It’s better to take precaution than to not.

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