Question

In: Economics

The pharmaceutical industry involves inherent risks. The drugs developed by corporations in the industry may not...

The pharmaceutical industry involves inherent risks. The drugs developed by corporations in the industry may not be as effective as research indicated and over time may produce unexpected, unintended, and serious side effects. How can pharmaceutical corporations use risk avoidance, risk reduction, risk transference, and risk retention in managing these risks?

Solutions

Expert Solution

Program for risk management starts with identification of possible riskwhich are associated with the drugs or the process of manufacturing of drugs and its distribution. An effective process of quality management of risk insurance that a high or better quality of drugs to all the patients. the farmer articles corporation uses to approach for the management of risk. they are proactive approach and the reactive approach. the basic tools for risk management in the pharmaceutical industry include:
1) failure mode of effects analysis.
2) failure mode effects and criticality Analysis
3) fault tree analysis
4) hazard analysis and critical control points.
5) hazard operability analysis.
6) preliminary hazard analysis.
the risk management process includes some steps in the pharmaceutical industry. They are:
1) high risk area or process are selected.
2) an assessment team is formed.
3) the process is diagramatized for solid understanding.
4) potential modes for failure are identified.
5) modes for failure and its causes are assessed.
6) critical modes for failure are assessed.
7) the process is redesigned.


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