Wolters Kluwer CT Corporation Podcast Forecasts Growing Compliance Challenges Across Pharmaceutical Industry
Third-party logistics providers may face new challenges in an already complex regulatory landscape
NEW YORK, August 26, 2022–(BUSINESS WIRE)–Third-party logistics (3PL) providers that facilitate warehousing, shipping and other logistics services for pharmaceutical manufacturers or wholesale distributors have likely grown accustomed to the rigorous requirements of a tightly regulated industry. But according to a recent episode of Wolters Kluwer CT Corporation’s Expert Insights podcast, 3PLs that are already struggling to cope with a slew of state regulations could see their compliance burden escalate in the face of a proposed rule announced by the Food and Drug Administration. and Drug Administration earlier this year. .
Hans Howk, head of content management at Wolters Kluwer CT Corporation, explains that most states maintain some variation on a third-party logistics license, with 3PLs required to follow and comply with a complex web of requirements spanning each state in which they do business. Depending on the relevant jurisdiction, 3PLs may be asked to provide a wide range of documents including sample contracts, customer statements, proof of general liability insurance, or the names and addresses of all major partners and shareholders.
To bring some consistency to the landscape, the FDA announced a proposed rule in February aimed at ensuring that all states regulate the drug supply chain in a strict and unified way — but Howk suggests this could ultimately tighten regulations to pharmaceutical companies and 3PLs. . He recommends that 3PLs engage the services of a trusted partner who can keep up with changing regulations, submit license applications, and fulfill pending renewals.
“Engaging the services of a trusted partner such as CT Corporation to centralize and manage these processes allows third-party license providers to focus on running their business,” said Howk.
For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent, incorporation and legal entity compliance services. It is part of the Governance, Risk & Compliance (GRC) division of Wolters Kluwer and has a global reach in over 150 countries. More than 75% of Fortune 500 companies, 95% of AmLaw 100 law firms and 350,000 small businesses trust CT Corporation to manage their compliance needs. Wolters Kluwer GRC’s other legal services business is Wolters Kluwer ELM Solutions – a global provider of corporate legal and expense management, contract lifecycle management and legal analytics solutions.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with evolving regulatory and legal obligations, manage risk, increase efficiency and deliver better results commercial. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.8 billion in 2021. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs around 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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