How Medtech Can Brace for Future Natural Disasters

Hurricanes Harvey, Irma, and Maria have firmly underscored the need for medtech companies to make sure their disaster plans are up to date and familiar to everyone in the organization. Puerto Rico’s more than 50 medtech plants are still reeling from the effects of Irma and Maria, which slammed into the island in September and crippled its electric power grid. FDA is working closely with 10 medtech manufacturers to prevent shortages of about 50 devices that are life-sustaining, life-supporting, or have only one source, according to a recent statement by FDA Commissioner Scott Gottlieb, MD. Reliance on generator power has hampered a return to pre-hurricane production levels. Similarly affected local suppliers have been unable to fill orders. It’s impossible to determine when, or if,  the plants that manufacture more than 1,000 different kinds of medical devices will resume normal operations. Medtech companies in general can learn much from what the Puerto Rico plants are dealing with, according to Kevin Quinley, a Richmond, VA insurance and risk management consultant to life science companies. Quinley made several recommendations, including: Conducting periodic simulations on contingency travel arrangements or telecommuting for key employees Creating a redundancy of supply chains Enlisting an insurance broker to maximize coverage and determine the necessary documentation for loss of income and reporting losses Including a plan for dealing with investors Disaster reco...
Source: MDDI - Category: Medical Devices Authors: Tags: Medical Device Business Source Type: news