Risk Management in Regulatory Affairs: Mitigating Compliance Risks
Pharmaceutical companies face significant challenges in navigating a stringent and constantly evolving regulatory environment, coupled with technological advancements and global economic considerations. Assessing and managing risks is vital throughout the entire life cycle of a pharmaceutical product, from research and clinical testing to manufacturing and distribution. Organizations must demonstrate to regulatory authorities that they have a well-documented plan to identify, measure, control, and monitor the various risks. The pharmaceutical industry is highly regulated for good reason, given the critical importance of safety, efficacy, and the impact that medicines and treatments can have on patient’s lives. Regulatory scrutiny spans various aspects of pharmaceutical operations, including sales and marketing, drug price reporting, patient privacy, clinical trials and procedures, preclinical work and testing, and manufacturing. Consequently, ensuring compliance with regulatory affairs...