International Journal of Pharmaceutical and Phytopharmacological Research
ISSN (Print): 2250-1029
ISSN (Online): 2249-6084
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2024   Volume 14   Issue 3

Studying the Model of Comprehensive Risk Management in the Pharmaceutical Industry
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  1. Department of Industrial Engineering and Manufacturing, Autonomous University of Ciudad Juárez, Ciudad Juárez 32310, Chihuahua, Mexico.
  2. Department of Electrical Engineering and Computing, Autonomous University of Ciudad Juárez, Ciudad Juárez 32310, Chihuahua, Mexico.
Citation
Vancouver
Paz JVBDL, Rodríguez-Picón LA, Morales-Rocha V, Torres-Argüelles SV. Studying the Model of Comprehensive Risk Management in the Pharmaceutical Industry. Int J Pharm Phytopharmacol Res. 2024;14(3):9-16. https://doi.org/10.51847/a2IhAhAWa9
APA
Paz, J. V. B. D. L., Rodríguez-Picón, L. A., Morales-Rocha, V., & Torres-Argüelles, S. V. (2024). Studying the Model of Comprehensive Risk Management in the Pharmaceutical Industry. International Journal of Pharmaceutical And Phytopharmacological Research, 14(3), 9-16. https://doi.org/10.51847/a2IhAhAWa9
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Abstract

The importance of risk management in the pharmaceutical industry of any country shows the capability of that country in the field of providing health and the health of that society. The aim of this article is to provide a comprehensive risk management model in the pharmaceutical industry. In this research, an attempt was made to collect the data practically, through a survey method, after receiving the opinions of senior industry experts, and experts familiar with this industry through a researcher-made questionnaire, after confirming the validity and reliability of that data, and then the types of risk. Financial and non-financial risks in the pharmaceutical industry were identified and a comprehensive risk management model was presented using PLS software. To evaluate the confirmatory factor analysis model, the very important index of the square root of the estimation error variance (SRMR) has been used. For this model, the value of this index is equal to 0.079, which can be said that the model has a good fit. This pattern shows that non-financial risks are more effective than financial risks in the pharmaceutical industry. Among the following non-financial risk indicators, operational risk with a path coefficient of 0.970 has the most effect, followed by management risk with a path coefficient of 0.896, and then country risk with a path coefficient of 0.818, and legal risk with a path coefficient of 0.765 is the last influential indicator. Among the following financial risk indicators, market risk with a path coefficient of 0.969 is the most effective, followed by liquidity risk with a path coefficient of 0.855, and credit risk with a path coefficient of 0.769 is the last effective indicator.

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