U.S. trade controls generate significant risks for unwary players in the life sciences industry.
There are challenging regulations throughout the entire life cycle of a product. Noncompliance can cause supply chain and product shipment disruptions, order cancelations, fines, or even damage corporate reputation.
Compounded with the fact that most companies in the Life Sciences sector do not operate their businesses with an enterprise-wide view of risk, due partly to globalization and the need to work within different regulatory environments- expansion into new markets brings with it more risk.
Tahlia Townsend, partner, International Trade Compliance at Wiggin and Dana, LLP
Dan Goren, partner, International Trade Compliance Practice Group at Wiggin and Dana, LLP
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