A study on risk management in pharmaceutical industry with special reference to hosur tamil nadu india

Abstract

The study of risks associated with fire hazard in pharmaceutical industry which if not controlled may take a huge toll on people lives and monetary resources has been going on since few decades and the present work is concerned with generic pharmaceutical industry in india which was left unexplored by majority of researchers . Risk management and insurance go hand in hand and both pharmaceutical industry and the general insurance sector have derived huge benefits from whatever study has been done on various risks associated with generic drugs and formulations manufacturing in pharmaceutical industry . The study on risk avoidance , reduction and mitigation of fire hazard has been given an evolved dimension in this study with tools like Risk register , HAZOP ( Hazard and Operability Study) and LOPA ( Layer of Protection Analysis) as tools to manage the risks associated with fire hazard in pharmaceutical industry in india . Findings of this study which include advanced methods in managing fire risk . This paper also explores the number of accidents related to fire and allied perils / related hazards and suggests remedial and preventive measures using tools like Risk Register to mitigate risk and avoid severity of damages . quantum of damages due to accidental fire , study on ever evolving formulations and manufacturing processes associated with these , role of risk engineers and safety managers in pharmaceutical industry and related Issues as well as government regulations and good manufacturing practices are contributions by this study . In future pharmaceutical industry and the general insurance sector can derive plenty of benefits from this study . newline