In order to be able to take the right strategical decisions, pharmaceutical companies should have a robust and effective risk management in place.
After all, pharma companies are facing specific risks such as clinical trial design and execution, regulatory compliance and product safety & quality, to name just a few.
Although these risks are industry specific, risk management practices developed in other industries can provide valuable insights and models that can also be applied in the Pharma industry.
An example is taking advantage of advanced analytics and simulation modeling when planning large projects.
This is commonly used in the Energy and Banking industries.
In Pharma, advanced analytics can help to prioritize certain clinical trial sites for quality audits. This can help to identify higher risk sites and the specific type of risks that are most likely to occur.
Advanced analytics can also contribute in moving from standard maintenance to an optimized analytical approach which will result in cost reductions and more importantly, downtime of valuable assets.
If you like to know more about how risk management principles from different industries can provide insights for Pharma, have a look at the following article (Source: McKinsey)