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Abstract

RISK MANAGEMENT IN PHARMACEUTICALS

Author(s): V. SIVA RAMA KRISHNA*, PRIYANKA SRIVASTAVA

Objective: To review the risk in pharmaceutical industries and the risk management process and tools. There is risk always inanything we do. All the industries on this globe perform actions that involve risks;risk is only dangerous when there is no anticipation to manage it. Risks if assessed and controlled properly will benefit theindustries against the fall and makes stronger. Risk should not be assessed as bad, but should assessas an opportunityfor making things resilient by proper management. Risk management can benefit industries from disasters either natural or human. The impact of the risk should be assessed in order to plan alternatives and minimize the effect of the impact. Risk  in  pharmaceutical  industry  is  very  high  because  it  involves  research,  money  and  health.  The  impact  is  severe  and  the  probability  of  therisk  is  more  often  in pharmaceutical industry. A risk management plans and control measures will help the companies to do better at the time of uncertainties and create positive opportunities to turn  those  risks  into  benefits  which maximizequality.  Materials  and  Methods:  The  information  was  collected  and  compiled  from  scientific  literature  present  in  different databases and articles, books. Results: The risk management process and tools helps to minimize the risk and its effects. Conclusion: The risk management is at the core of any organization. Risk management should be part of organization culture. The risk management is a wise investment if properly processed.

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