Approaches to pharmaceutical company risk management
Odessa National University Herald. Economy(2022)
Abstract
The study of approaches to the classification of types of risks revealed a significant range of groups and categories according to which the risks of economic activity of the enterprise are classified. In order to determine the frequency of mention of different groups and types of risks, a content analysis was conducted. According to the results of this analysis, authors concluded that the most common are financial, innovative, industrial, commercial risks. The frequency of mentioning certain types of risks within the information sources in each group was also revealed. According to the results of the content analysis, it was found that among the financial risks, the following risks have the greatest number of mentions: changes in exchange rates; change in interest rates; non-fulfillment of financial obligations to external agents; reduction of profitability; unstable financial condition. The most mentioned types of innovation risks were the risks of introducing new technology and interrupting research funding. The key types of production risks are cost growth; inefficient work of staff; equipment wear. The most mentioned types of commercial risks are the decline in sales due to reduced demand and supply. According to the most significant types of risks, the indicators that characterize them were selected on the example of a pharmaceutical company. The calculated losses from the impact of risks and the probability determined by the expert method are the basis of the developed matrix of risk assessment. The coefficient of variation is used as an indicator of the degree of influence of a particular type of risk on the results of the research enterprise, namely the revenue from sales of the company's products. Multiplying the coefficient of variation for each of the types of risks on the company's sales revenue made it possible to determine the projected losses due to the impact of risks. To form a matrix of risk assessment and risk level, the experience of Bayer Group was used with the appropriate adaptation of the amount of costs to the realities of the studied enterprise. Risk reduction measures are also proposed. The developed recommendations for risk management of the pharmaceutical company's business activities allow to reasonably assessing the level of the most significant types of risks, respond in a timely manner to their potential impact, minimizing the loss of budget, time and resources.
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Key words
pharmaceutical company risk management,risk management
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