Medical Surplus Sales and Global Compliance: Q&A with Liquidity Services

????????????????????????????????????For over 15 years Liquidity Services has been a preferred partner to medical manufacturing and biopharmaceutical industries by selling surplus and idle assets throughout the globe.  They work with clients to ensure surplus is intelligently transformed from a burden into an abundant opportunity that fuels the achievement of strategic goals.

Earlier this month, Liquidity Services announced how their rebrand will provide an even more robust and comprehensive compliance program that helps companies stay focused on forward-flow initiatives while managing the reverse supply chain.

According to Jill Williamson, Chief Compliance Officer at Liquidity Services, when companies aren’t aware of potential risks they may face in their reverse supply chain, the result can be crippling. This can range from fines and penalties to export violations and more.  Please see the interview conducted with Williamson below.

1.      How does Liquidity Services help medical manufacturers and biopharmaceutical companies?

Quite simply, we keep companies out of trouble when they sell their unused and surplus equipment. Through our team of professionals, all trained in international law and compliance, we provide comprehensive risk mitigation services. We screen potential buyers and protect the reputation of companies by making sure their surplus asset sales comply with current laws.

2.      Beyond making sure buyers can pay for the goods – how else do you screen buyers?

We ensure buyers provide end-use certificates for sensitive assets, and screening all buyers against more than 200 global restricted-party lists. Additionally, all buyers are continuously screened against the most up-to-date lists. This service adds a vital layer of protection, giving companies even greater peace of mind that their assets will never be sold to the wrong buyers. 

3.     Are there restrictions on countries for certain sales, too?

Yes, In addition to restrictions on certain product categories, regulations in various countries restrict the sale of goods to specific countries, individuals, and entities. We restrict buyers from registering from restricted countries through both address restrictions and IP address blocking. 

4.      What role does Liquidity Services play in data privacy through data wiping?

It has become a keen priority for us to ensure that data is deleted from assets with data storage functionality, preventing personal and company information from being passed on to the next device purchaser. As more breaches are exposed, the data privacy compliance standards are growing stricter. We provide data wiping for select asset categories and data wiping counsel for all asset categories. Our proven, industry-standard data wiping processes ensure that our clients’ surplus assets are never sold containing confidential information.

For more info on Liquidity Services, visit:  www.LiquidityServices.com

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