What if I told you there was one question that if you asked your customers it today, it could potentially be the source of your salvation and drastically reduce your company’s overall risk profile? Would you implement it into you controlled substance questionnaires or SOM profiles? Would it become a standard question in your customer on-boarding process? Perhaps it would even become a standard question presented to your customers on a routine basis as a part of your on-going diligence process. Well, I am pleased to announce to you that I have stumbled on such a quintessential question and to my dismay surprisingly very few pharmaceutical manufacturers and distributors even ask it. Albeit a seemingly basic question, it can reveal a lot about a customer and it serves as a confirmation of sorts that the customer is in good standing with their state regulators.
So, are you ready for the big reveal? Drum roll… The question you should start asking your customers right now is this, “Can we have a copy of your most recent state board of pharmacy inspection report?” Don’t overthink the question, it is in-fact as simple as it sounds. However, you would be astonished how few pharmaceutical companies actually ask it. This source of information provides invaluable insight into the thoughts and actions of the state regulators and/or inspectors who have been trained to vet pharmaceutical licensees to the states standards. Furthermore, this documentation serves as solid evidence, assuming there were no findings or corrective actions being cited, that there was no indication on the part of the state board of pharmacy that there were any issues with the registrant/licensee at the time of the inspection. Should you find yourself in litigation whether it be with a government agency or even an insurer, you will be glad you took this additional step and added this question into your diligence process. Don’t wait until it’s too late!