Pharmaceutical companies have never been busier. In response to the coronavirus pandemic, pharma companies — as well as biotech, life science, and therapeutic companies — have researched vaccines and explored potential new treatments for COVID-19.
With this surge in research and development, pharma companies have come under growing scrutiny from not just the government but the media and the general public. As these companies develop new products — and continue to manufacture treatments, medications, and medical devices — a product recall management plan has never been more crucial.
By developing a product recall plan, companies in the pharma sector can handle product recalls responsibly and effectively. As a result, companies can remove faulty or dangerous products from supply chains (and pharmacy shelves) quickly.
Why is a Product Recall Management Plan Important?
There are more pharma companies in the United States than any other country, but not all of these companies have a robust product recall management strategy. This is worrying, especially when ineffective drug recall management puts lives at risk.
The pharma industry continues to do amazing work, improving health outcomes for millions of people worldwide. However, research shows that ineffective medical devices killed 80,000 people in the last 10 years. Some of these deaths resulted from ineffective devices that shouldn’t have gone into production in the first place. But how many deaths resulted from poor pharma recall management processes? How many deaths resulted from pharma companies that were slow to remove dangerous materials and components from supply chains?
If more companies took recall management seriously, fewer people would come into contact with dangerous pharma products. It’s as simple as that. Still, some pharma companies fail to implement recall management strategies at all. These companies are completely unprepared when the FDA sends out a recall notice. By this time, it’s often too late.
Many pharma companies think they don’t need a recall management strategy because recalls are rare. But research suggests the opposite. In the fourth quarter of 2018, product recalls in the pharma sector contained an average of 511,000 units. That’s a lot of units!
What are the Benefits of a Product Recall Management Strategy for Pharma Companies?
A product recall management strategy benefits pharma companies in the following ways:
- Protects the public from dangerous products, materials, and components.
- Prevents lawsuits from the public.
- Prevents expensive penalties from the FDA (and other government agencies).
- Protects a brand’s reputation.
Pharma companies that handle product recall management can safely remove prescription drugs, medical devices, and other products from production processes, retailers’ shelves, and over-the-counter locations and improve compliance with government regulations and industry guidelines.
How Can Pharma Companies Improve Recall Response Times?
Time is a significant factor when it comes to product recall management. The longer dangerous and faulty products remain in supply chains, the more damage they can cause to patients. This is why all pharma companies, regardless of their size, require a proper recall management strategy.
One of the best ways to achieve this is through effective communication, where different departments within the company collaborate on recall management for better outcomes. This helps companies streamline product recall responses and retrieval processes. With a recall management plan, pharma companies can identify batch numbers, item numbers, and materials and contact suppliers and retailers.
Why Do Pharma Companies Need the Right Software for Recall Management?
The right digital tools improve product recall responses. Pharma companies that use the latest software become more effective at identifying, tracking, and removing products from various locations. There’s greater visibility at different stages of the supply chain, and companies won’t have to rely on outdated manual methods to handle recalls.
A recall management solution centralizes recall data into one system, providing all departments within a pharma company with access to timely information. This includes batch numbers, recall notices, and internal communications. It’s one of the most important pieces of software in a pharma company’s tech stack. By using a recall management platform, organizations can improve recall responses, adhere to government regulations, avoid expensive penalties, and potentially save lives.
Trievr is a product recall management system built for pharma companies that want to improve recall responses. This software has a wide range of tools for tracking, monitoring, and retrieving products, such as:
- Product recall templates
- Reports
- Real-time dashboards
- On-demand pricing
- Enhanced security
Trievr helps pharma companies avoid common mistakes in product recall management, such as slow response times and poor communication.
Final Word
Pharma companies are developing new products and technologies at record speed, but they need a reliable product recall management strategy. Otherwise, they could put lives at risk and receive fines for non-compliance.
Want to implement a product recall management solution into your pharma company? Find out more about Trievr or sample a live demo.