Risk Management in Pharmaceutical Industry

Abstract

The pharmaceutical industry has always been under intense scrutiny by various regulatory authorities, both Indian and international. This trend continues resulting in regulatory standards being upgraded all the time. The Company continues to track all these changes, increase vigilance, and strives to maintain the highest quality standards. Pharmaceutical companies have laid lot of emphasis on risk identification, measurement and mitigation. Most of the companies have comprehensive and effective risk management framework in place so as to ensure that risk management is embedded in all the business plans, business processes and business decisions. This will ensure that the companies are well placed to face the future uncertainties with ease. Proper risk management helps the companies in taking calculated risks and enhancing the shareholder value. An organization to be a going concern needs self-sustainable business model coupled with comprehensive risk management system.