RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA 29 RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA

Running head: RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
An evaluation of a project's risk assessment strategies in Australia's medicine sector
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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
Abstract
At current days, Australian pharmaceutical industry becomes slower in deploying effective
project management practices. It is seen in Australia that medium-sized organizations in
pharmaceutical sector of Australia are performing better compared to the bigger enterprises
through implementations of stronger project orientation in terms of culture and organizational
aspects. On the other hand, various important activities are not incompressible. On the other
hand, regulatory guidelines facilitate planning for the projects. The risks related to the sector are
described as technical risks, commercial risks, launch risks, regulatory risks, partner/
subcontractor/ contractual risks, IPR risks, resource risks and personnel risks. Hence,
identification of the risks in pharmaceutical industry of Australia is useful avoiding big disaster.
It can enhance revenues through saving additional expenses. Moreover, identification of risks are
helpful in order to provide mental satisfaction as well as ensures successful completion of the
projects. Present study deals with risks analysis of Australian pharmaceutical sector and develop
risk mitigation strategy for the projects.

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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
Table of Contents
Chapter 1: Introduction........................................................................................................6
1.1 Introduction and background.....................................................................................6
1.2 Research aims and objectives....................................................................................7
1.3 Research questions.....................................................................................................8
1.4 Research rationale......................................................................................................8
1.5 Problem statement.....................................................................................................9
1.6 Significance of the research.....................................................................................10
1.7 Structure of the study...............................................................................................11
Chapter 2: Literature review..............................................................................................12
2.1 Introduction..............................................................................................................12
2.2 Overview of Australian pharmaceutical sector........................................................12
2.3 Risks involved with Pharmaceutical industry in Australia......................................13
2.4 Theories and models related to risk management....................................................15
2.4.1 Ishikawa model.....................................................................................................16
Figure 1: The Ishikawa Diagram for Risk Management...........................................16
2.4.2 SCORE model......................................................................................................17
Figure 2: SCORE model of risk management...........................................................17
2.4.3 Failure Mode Effects Analysis.............................................................................17
2.5 Risk management strategies for Australian Pharmacy Sector.................................18
2.6 Summary..................................................................................................................20
Chapter 3: research methodology......................................................................................21
3.1 Introduction..............................................................................................................21
3.2 Research Philosophy................................................................................................21
3.3 Research Approach..................................................................................................22

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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
3.4 Research Design......................................................................................................22
3.5 Data Collection and analysis process......................................................................23
3.6 Sample and Sampling..............................................................................................23
3.7 Timeline...................................................................................................................23
3.8 Summary..................................................................................................................24
Chapter 4: Data analysis and findings...............................................................................25
4.1 Introduction..............................................................................................................25
4.2 Qualitative analysis..................................................................................................25
4.3 Summary..................................................................................................................32
Chapter 5: Conclusion and recommendations...................................................................33
5.1 Conclusion...............................................................................................................33
5.2 Linking with objectives...........................................................................................33
5.3 Recommendations....................................................................................................33
5.4 Limitations and future scopes..................................................................................34
References......................................................................................................................36
Appendix........................................................................................................................40

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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
List of tables and figures
Figure 1: The Ishikawa Diagram for Risk Management...................................................16
Figure 2: SCORE model of risk management...................................................................17
Figure 4.1: Growth of Australian pharmaceutical industry...............................................28
Figure 4.3: Medical product manufacturing......................................................................29
Figure 4.3: Australian Industry Mix..................................................................................32
Table 1: Gantt chart...........................................................................................................41

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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
Chapter 1: Introduction
1.1 Introduction and background
According to Meier 2016, the patients In Australia who have been suffering from the
disease that are not curable in one diagnostic center are treated in multi facility hospitals. The
processing of the multi specialty hospitals include the fact that the most incurred in the
processing of the multinational hospitals are very high. The coat that the hospitals incur for the
processing of the patients in multinational hospitals is much higher than the ability of the patients
that do not have a stable or established lifestyle. This fact includes the processing of the patients
visiting various hospitals for getting diagnosed from different type of diseases. According to this
is the time when the processing o the data regarding the data medication of the patient varies
with the data that is generated from the previous hospital. The fact that the testing facility in ne
hospital varies from the testing facility of other hospital dictated the fact that the unit that
measures the testing also varies. This leads to the fact that the processing of the disease varies
from one point of time to another with respect to ten hospitals the patient is visiting. This process
ensures that the data that is collated in the testing of the patient from one hospital might be prone
wrong for the functionality of the other hospital the patient is visiting. This leads to the fact that
the treatment of patients are not at a very high level. In the year 2002, it was proven that 13% of
the patients that has shifted from one hospital too another hospital during the course of check up
of a particular disease. It has not been able to live and the reason of death was the miscalculation
of the results of the tests that were performed in the processing of the diagnosing procedure. This
fact leads to the conclusion that the data that were collected deferring the processing of the
patient check were not up to the mark that led to wrong medication of the patient leading to death

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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
of the patient. Australian government has taken steps to ensure the fact that the procession of
treatment in multinational hospitals are possible ;for the mediocre families to reduce the death of
the citizens of Australia due to the terminology of wrong data evaluation or the data evaluation
that varies in unit. According to The processing of the data that were collected in the processing
of the data collection during the treatment of the patient in one hospital might not match with the
data that will collected in the hospital where the patient is visiting. In the year 2010, ted eat rate
due to the change in hospital was reduced to 11%. Despite the fact that the rate of death due to
the transfer of hospital was decreasing in a very slow rate the government of Australia is taking
active participation in the process to reduce the processing of the patients dyeing due to the
transferring of the patients from one hospital to another due to lack of specialty treatment.
However, complying with the code implied by Australian Government becomes very
challenging. In this perspective, it is required to research on the risk analysis involved in the
Australian Medicine that is achieved in the present study.
1.2 Research aims and objectives
The research aims to identify the risks related to the project management in the medicine
sector of Australia as well as finding risk management strategies to mitigate the risks. The
research objectives can be described as followed.
 To identify the risks related to project management in the medicine sector of
Australia
 To find out the risk management strategies to mitigate the risks
 To critically assess the risks management strategies and challenges for
implementing strategies
 To recommend solutions for overcoming the issues

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RISK EVALUTION IN MEDICINE SECTOR OF AUSTRALIA
1.3 Research questions
The research questions are as followed.
 What are the risks related to project management in medicine sector of Australia?
 What are the risks mitigating strategies followed by the organization?
 What are the challenges for implementing the strategies?
 How the challenges can be overcome?
1.4 Research rationale
The Australian pharmaceutical industry comprises bio-medical research and
biotechnology based inventories. In addition, generic medicines for the organizations and service
related segments have a significant role in the particular industry. It consists of manufacturing,
wholesaling and distribution of medicines. On the other hand, rapid increase of medicine in the
process of manufacturing organization becomes important. Hence, it becomes significant to
manage risks related to drug development in Australia.
On the other hand, approval of FDA as well as development of new medicine take more
than 10 years and costs approximately $2.6 billion. Thus, pharmaceutical projects of new
medicines involve several risks related to it. On the other hand, different types of risks like
technical risks, partner or subordinator as well as contractual risks are related to project
management in the Australian pharmaceutical sector. Hence, it becomes significantly important
to develop risk management strategies for overcoming the risks faced by Australian medicine
sector.
In pharmaceutical industry of Australia, it becomes significant to identify the risks and
develop risk management strategies so that risks involved with the Australian medicine sector n