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Factor V deficiency is a rare bleeding disorder in which the normal clotting mechanism is impaired, which results in an increased risk of bleeding after an injury. This condition is also known as Owren’s disease or parahemophilia. Factor V is an essential protein. It is produced by your liver and is required to convert prothrombin into thrombin. This is necessary for normal clotting mechanism. If you lack factor V in your blood, your blood does not clot properly after an injury or surgery. The signs and symptoms of this condition can become apparent at an early age during childhood. If this condition is not diagnosed on time, it can lead to severe life-threatening complications.