Comprehensive Risk Management Model (Case Study: Pharmaceutical Industry)

The importance of risk management in the pharmaceutical industry of each country reflects its ability to provide health in that community. The purpose of this article is to present a comprehensive risk management model in the pharmaceutical industry. In this study, it was attempted to collect data by means of a survey method after receiving the opinions of senior industry experts and experts familiar with the industry through a researcher-made questionnaire, and after confirming its validity and reliability. After that, risk types including financial and non-financial risks were identified and by using PLS software proposed a comprehensive risk management model. To evaluate the confirmatory factor analysis model, it is used the second most important index of estimation of variance error (SRMR). The value of the index is 0.079 for this model, which can be said that the model having had an appropriate fitting. This pattern shows that, non-financial risks are more effective than financial risks. Among non-financial risk sub indicators, operational risk with path coefficient of 0.970 has the highest effect, followed by management risk with path coefficient of 0.896 and then country risk with path coefficient of 0.818 and the legal risk with path coefficient of 0.765 have been determined as the latest influential indicator. And among the financial risk sub indicators, market risk with path coefficient of 0.969 has the most effect, followed by liquidity risk with path coefficient of 0.855 and the credit risk have been determined as the last effective indicators with path coefficient of 0.769.