TPRM solutions that enable you to focus on delivering quality of life, not on a broken supply chain
Pharmaceutical organizations are under intense pressure and scrutiny from stakeholders, regulators, and customers. Supply chain and other third-party disruptions can cost lives if life-saving products and technologies are delayed. In addition, pharmaceutical, biotech, and life sciences companies must gain confidence in third-party testers and distributors, and manage associated risks with these necessary partnerships. Organizations in this industry need solutions that give them peace of mind, allowing them to focus on doing life-saving work.
In a world of long product cycles, pharmaceutical and life sciences need to bring products to market while efficiently navigating logistical, reputational, and compliance pressures. In order to focus on their own operations, organizations need to balance managing and mitigating third-party risks related to:
Supply Chain Disruptions
Concentration Risk
Compliance & Regulations
Anti-Bribery and Anti-Corruption (ABAC)
Environmental, Social, Governance (ESG)
Cyber Risk and Data Privacy
Reputational & Relationship Risks
Vendor Performance
When it comes to managing up to tens of thousands of third parties in this industry, pharmaceutical organizations need streamlined, effective TPRM solutions that are scalable, robust, and contain tested platform functionality. In order to manage risks across the entire relationship lifecycle, Aravo’s TPRM solutions provide full visibility, enhanced risk mitigation workflows, as well as integrated and accessible due diligence utilizing enhanced risk intelligence.
Actionable data
Centralized dashboards
Reporting
Visibility and accessibility
Quality and dependability
Aravo’s cloud-based solution is designed to help pharmaceutical and life sciences firms manage third-party relationships in accordance with increased and expansive regulatory expectations. Our products are designed to help pharmaceutical companies modernize and mature their third-party risk programs that extends across their supplier networks, and demonstrable a commitment to ethical, compliant, and defensible supply chains.
TPRM Platform: Aravo’s comprehensive third-party management platform helps pharmaceutical companies effectively manage their tens of thousands of third parties in a scalable, automated way. Enhanced risk mitigation workflows, performance management, and risk intelligence functionality give assurance that risks are managed proactively.
Supply Chain Resilience & Management: Pharma organizations rely on logistics and supply chains to deliver life-saving technologies, and any disruptions can be life threatening. Aravo for Supply Chain Resilience alerts companies to potential issues, and manage response, whether that’s mitigation or identification of alternative suppliers. This allows pharma organizations to respond faster, and potentially avoid disruptions that would impact business operations.
ESG: Scrutiny of pharmaceutical supply chains is escalating, and organizations must enact ethical, responsible, and environmentally-friendly behaviors and processes. Aravo for ESG offers a wide variety of applications that help businesses in this industry ensure that their extended enterprise operates with integrity and adapts to evolving stakeholder and regulatory expectations.
ABAC: Eliminating unethical practices from the extended enterprise is critical when pharma organizations manage a huge network of suppliers. Aravo has an established track record of success in helping some of the world’s most respected pharmaceutical brands guard against corruption in their complex third-party networks. This experience has been distilled into our pre-defined ABAC solution, which includes a proprietary best practice questionnaire built on guidance from the FCPA and others.
Cyber: As third party-related cyber breaches rise across all industries, pharmaceutical organizations are faced with increased vulnerability when managing their supplier networks. Aravo’s IT Vendor Risk Management solution allows you to understand, manage, and mitigate the cyber risks posed by third-parties and vendors that provide IT infrastructure and services.
Strategic Alignment Framework™: A best practices-based methodology that adapts to an organization’s TPRM initiative, delivering a charter to help pharma companies meet their specific goals.
Some of the five largest pharmaceutical companies worldwide work with Aravo to manage, track, and mitigate third-party risk.
One of the world’s largest pharmaceutical organizations in the world reported they could reduce third-party onboarding time by more than 90% by using Aravo to manage 40,000 third parties in 100 countries and 33 languages.
“Implementation took no time and integration is good. Overall happy with the service. Excellent features & great support from the solution experts to deliver our needs. Robust functionality.”
– Sourcing and Vendor Relationships,
Services Industry
“Aravo is an excellent tool for managing end to end processes, with tailored workflows, emails and chase cycles built in to the automated system capability. Aravo’s strength for me lies in its traceability and high level of automation. Aravo is a highly customizable and versatile system.”
– Social Accountability Manager,
Global Manufacturing Firm
“We have used Aravo for eight years now, and it has been a backbone of our supplier information and compliance processes. Aravo themselves are excellent to work with and have been highly supportive and understanding of our business goals.”
– Lead IT SME,
Program and Portfolio Management,
Manufacturing Company
With a single system for all third-party information and powerful risk management workflow processes, Aravo helps you streamline the management of your third parties throughout the full lifecycle of the relationship.
Our pharmaceutical experts are on hand to help you start transforming your TPRM program to drive supply chain assurance, meet evolving stakeholder expectations, and gain confidence in your third-party relationships and distributors.
