The Road to New Reality: China Insights – COVID-19 Impact and Compliance Challenges in the Life Science Industry

COVID-19 has caused chaos in the life sciences industry in ways that were inconceivable at the start of 2020. According to the World Bank, the global GDP is projected to decline by five percent in 2020 – the largest global recession in decades. During times of crisis, we often see an increase in compliance violations and fraud as companies look to bypass imposed regulations for short-term gains or to stay financially stable during challenging times. With much needed supplies required in a short period of time, the movement of goods and services may not have been subject to standard tracking and monitoring. The combination of incentive for financial gains and opportunity from the lack of monitoring may result in heightened compliance and fraud risks

China and the U.S. are on the center stage of the COVID-19 pandemic. KPMG invited experts with significant experience in these geographic locations to weigh in on some of the key risks and challenges facing the life sciences industry, and what companies can do to address them. The research and stories they will share will help us navigate through this uncertain time.