ANALYSIS OF GLOBAL TRENDS IN RISK MANAGEMENT OF THE PHARMACEUTICAL INDUSTRY
Abstract
Globalization processes, the enter of Ukrainian drug manufacturers to the world pharmaceutical market, the significant presence of transnational companies on the Ukrainian pharmaceutical market actualise the need to study and adapt the risk management experience of international pharmaceutical companies, and expand the directions of risk management of domestic pharmaceutical manufacturers. The purpose of the article is to reveal the peculiarities of the activities of pharmaceutical companies, the types of risks associated with this, and to analyse the experience of the world's leading pharmaceutical companies regarding risk management measures. To achieve the purpose of the research, the author uses a set of scientific methods: systemic - to highlight the directions of risk action; comparative analysis - to study the experience of global pharmaceutical companies; problem-oriented - to identify the main measures of risk management. The main trends of pharmaceutical industry have been identified: scale up of pharmacovigilance; continuous digital transformation; acceleration of biotechnology innovations; accelerating use of the outsourcing model for the development, testing, and production of pharmaceutical products; improving cyber security. The author analyses the annual reports of the leaders of the global pharmaceutical market in the field of risk management. The following main areas of risk influence were identified: social and macroeconomic trends, market developments, regulatory changes, business strategy, research and development, production risks (procurement, production, logistics), marketing risks (marketing, sales, distribution), human resources, information technology, financial risks, external partner compliance, intellectual property, compliance, environmental risks, security, product safety and quality. Measures for their management have been defined for each direction of risk action. Determining the place of each type of risk (its importance) allows a balanced approach to the formation of a pool of anti-risk measures, to form an effective risk management system.
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