Risks And Risk Management Strategies In The Australian Medicine Sector

Literature Review

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 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.

Research Methodology

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

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 can be mitigated. It is important for managers of the organization to fix strategies that can be helpful to avoid big disasters, enhance revenues by additional savings, provides mental satisfaction and provides mental satisfaction in order to ensure successful completion of the projects. Hence, it becomes an important issue developing effective strategies for pharmaceutical sector of Australia.

According to Williams, Crawford and Puy 2016, The major factor that lead to the death of the clients hospitals that are present in the Australia are due to the fact that the prescription that the doctors of the hospitals are not well diagnosed. The major issue is the population of Australia has been increasing in a very fast rate. This ensures the fact that the processing of the amentia also increases in a very fast rate. Thos process includes the fact that the processing of the data by the hospitals must be maintained with utmost efficiency. This process ensures the fact that the data processing must be maintained due to the lack of data handling in the hospitals. However, the number of hospitals with respect to the number of population has not been increasing. The exponential growth of the population of Australia is not being able to be matched by building hospitals. This fact ensures that the efficiency in the processing of the hospital decreases with the procession if the increase in the population Australia. According to Meier 2016, this fact takes into consideration that the amount of time and effort a doctor could devote to a single patient decreases accordingly. This ensures the fact that the medicines that are prescribed by the doctor are not always the correct medicine. This process performs the modulation in the treatment of the data processing of every patient. This leads to the fact that the data that is being evaluated after testing the patient are not always correct which leads to the fact that the medication that is being provided to the patients are way below the medication the patient needs. This aspect results in the transcription of the prescription. In Australia it is noted that the data that are written in the prescription of the patient are wrong at least once in every 17 cases. This is the result of the survey that was conducted in the year 2016. This was the major concern for the government of Australia as the referencing of the government hospitals was already in the bad book f the citizens of Australia. This lead to the fact that the patient who belong from t Australia chose the private institution for the treatment of himself or herself, which were again aging towards the business institutions. This processing ensures the fact that the data that are transcript during the evaluation of the data are to be processed with utmost care and sincerity towards the patients. According to The government was active in this case and the processing of the data regarding the records of the death. It has caused due to the lack of sincerity of the doctors were checked and the doctors with a very high amount cases that lead to deaths due to the lack of sincerity towards the patients lost their certification to practice doctor. This aspect takes into consideration the fact that the doctors that were remaining had the fear of losing their certificate as well that made the doctors to get serious enough and perform their duties with utmost care.

Data Analysis and Findings

Pharmaceutical industry of Australia is currently facing challenge for combating the risks while delivering the promises of development in medical science as well as technology. On the other hand, additional costs of raw materials, rules and regulations implied by the government of Australia leads to face several challenges in the medicine sector. However, rapid development of pharmaceutical organizations in Australia and manufacturing of medicines has also increased. Thus, it is important to develop risk management strategies in order to avoid the situations so that the organizations included in pharmaceutical industry of Australia need to face issues in the entire process. The study is helpful to find out the issues and develop effective strategies for the organizations.

The research comprises five chapters namely introduction, literature review, research methodology, data analysis and findings as well as conclusion and recommendations. The introduction chapter deals with research background, aims and objectives of the research. In addition, research rationale, problem statement and significance of the research. On the other hand, literature review includes overview of Australian pharmaceutical sector, risks involved with Australian pharmaceutical sector, theories and models related to risk management, Ishikawa model, SCORE model, failure Mode Effects Analysis and risk management strategies for Australian Pharmacy Sector. The third chapter of research, methodology deals with research philosophy, approach, design, data collection and analysis. Fourth chapter deals with data analysis and findings, whereas fifth chapter discusses conclusion and recommendations for thee research.

In this section of research, literature review related to risks involved with Australian pharmacy sector is discussed. Secondary data gathered from journals, books and websites are described and analysed in this chapter of the study. Moreover, risks management strategies, theories and models are explained. The impact and challenged faced by Australian medicine sector is showcased in this section of the study. Hence, discussion of literature review is helpful to analyse the secondary data from relevant sources.

 Pharmaceutical is considered as one of the best knowledge oriented as well as technology applied sectors. It is placed for development and commercialisation as the results of long-term investment in the field of medical research. The Pharmaceutical industry in Australia deals with research on the areas like bio-medical, originator, biotechnology that are based organizations as well as common medicine organizations. The segments related to the services consisting of wholesaling as well as distribution. The industry deals with the exports of nearly $3.9 billion in 2012-2013 financial years (Collignon et al., 2016). Hence, the pharmaceutical sector of Australia is considered as one of the major manufactured exports in the country. The industry consists of approximately 16.500 people for the purpose of manufacturing as well as research and development according to a published report in 2011-2012. However, sales of complementary medicines value nearly $2 billion in a financial year.  

Conclusion and Recommendations

Despite the significance within the economy, the pharmaceutical industry is surprisingly not completed for having some limitations and obstacles. However, there are gaps in the some key stages of pharmaceutical supply chain. The supply of drugs in the country is generally dominated by the multinational enterprises (Davidson et al., 2016). On the other hand, the foreign-owned organisation manufactures as well as supply common brands of medicines.

However, according to the research of GlobalData, the particular market of Australia has been assumed to rise from $22.85 billion in 2016 to approximately $25.2 billion within the years of 2020 (Ho et al., 2015). The latest report states that modest increase will be carried out by global market access to pharmaceutical drugs. It increases awareness of the requirement for early identification of lifestyle as well as chronic diseases. In addition, the subsidized cost of prescription medicines through the benefits scheme of pharmaceutical sector for the eligible patients along with annual addition of new drugs.

It has been reported that small-cap organizations in Pharmaceutical industry in Australia with the market cap of $748 USD, has high growth potential (Hopkin, 2017). However, financial strength is one of the deciding factors in long-term survival. The organizations having a debt-to-equity ratio of less than 20% appear to be a sound debt structure. On the other hand, it is significant to look after financial ability metrics.

However, the code of conduct in Australian medicine sector has been effected that creates a challenging situation for the organisations involved with Australian pharmacy sector. Humphries (2017) stated that ccomplying with the codes becomes difficult as collecting personal data used and disclosed for the primary purposes becomes challenging as well as producing risks in the Australian pharmacy sector. In addition, the firms and organisations associated with the sector facing challenges in risk management and other things. In this perspective, it becomes important to manage risks properly to avoid competitive deficits.  

In Australia, only Therapeutic Goods Management (TGA) approved therapeutic goods are sold. The TGA is one of the business units in the Department of Health in Australia is responsible to ensure that the products available in the country are acceptable according to the set standard. The Therapeutic Goods Act 1989 provides the legislative control over the standard therapeutic products (James et al., 2014). The aspect provides a uniform and system of national regulatory. It safeguards the entire process and community from being substandard and ineffective therapeutic products. The TGA has an important role to make assessment and monitor the activities of the organizations to ensure that efficacy; safety and quality of the therapeutic goods are properly followed and maintained. Thus, overall control of supplying medical drugs in Australia is exerted by the major procedures as followed.

• The growth, safeguarding as well as observing the systems for listing medicine
• Post market surveillance
• The licensing of the manufacturers
• The evaluation of medicines for export

Prescription drugs approved by TGA are sold in Australia. On the other hand, most of the prescription drugs in the country. On the contrary, most of the prescriptions drugs are supplied to access of medicines generate a low standardised patient co-payment. Hence, in order to be listed on PBS, drugs require receiving positive recommendations from the Benefits Advisory Committee in the country (Khanji et al., 2016). In this perspective, risks are associated with the organizations prone not to meet the standard.

On the other hand, pharmaceutical sector of Australia becomes slower in effective project management practices. It has been seen that medium-sized organizations involved with the industry are performing better than the bigger organization (Mt?Isa et al., 2016). Effective project management plan has been considered as success factors for the organizations. The critical activities and the guidelines of the commission need to facilitate the planning. In addition, the partner, subcontractor or contractual risks are included in this. It is seen that in the Pharmaceutical industry in Australia that the small and medium sized organization face difficulties in implementation of latest technology based equipments and software. In addition, commercial risks are associated with the organization. IPR risks need to be mitigated in the organizations included in the organization. Apart from these, the organisations face risks in managing personnel as several issues related to finance, working hour and others are associated with the sector.

It is important for the organizations involved with pharmacy sector of Australia, it is required to deal with the risk management process with the help of risk management model and theories. The risk management life cycle includes several stages like ignoring the possibility of risks exposure. Collection and updating data related to the probabilities of occurring as well as anticipating the impact requires to be monitored appropriately (Patel et al., 2016). Effective contingency plans such as setting aside resources for providing reactive ability in order to cope up the risks included in the organization. Modification of the impact of uncertainty can be helpful to minimise the risks in the organisation.

Several tools can assist evoking the risks related several quality to Australian Pharmaceutical sector. Ishikawa model is helpful to manage the risks involved with the project.  According to the model, it is required to determine the main issue involved with the sector. Brainstorm associated with the items utilizing the diagram.

(Source: Peiris et al., 2015, p.541)

 On the other hand, it is required to transfer the items to FMEA or similar type format. Moreover, it is needed to perform counteractions as well as update FMEA. Keeping it under the design management is one of the major steps through which the organizations can identify the risks and develop effective strategies for mitigating the issue. Finally, monitoring the results would be helpful to mitigate the risks.

With the help of SCORE model of risk management, the organizations included in the Pharmaceutical industry in Australia can be able to develop risk management strategies. As the SCORE model is based on, large data set that is tested in detail.

(Source: Jones, Wyatt, A., & Daube, 2016, p.411)

Failure modes and effects analysis is considered as one of the effective systematic approaches in ordv er to identify all possible failures included in a design, manufacturing and product or service. The failure mode in which the process might be failed. However, the failure is considered as the errors defects the process that is harmful for the customers.

Kumarasiri, and Jubb (2016) mentioned that eeffects analysis is referred as analysis of the consequences of failure. Failures are generally prioritized as per the process of serious consequences and detection. The aim of FMEA is taking actions eliminating as well as reducing the failures. It generally starts with crating highest priority. Failure model and effect analysis helps to documents knowledge and actions related to the risks of failure for getting constant enhancement. It is used at the time of designing to prevent failures.

Identifying risks in pharmaceutical industry is useful for exploring the new opportunities for the organizations involved with Australian pharmaceutical sector. It is important that identifying the risks can be helpful to detect threats and vulnerabilities involved with the process.

Rawlinson and Yadavendu (2015) commented that the risk identification technique gives the methods in order to identify the risks affecting safety, durability and reliability of the products. The procedure organises the risks for evaluating and planning proper response. The risk evaluation technique assesses priority as well as severity of the identified risk.  It might be affected by risks. On the other hand, it is important to assess the impact of the issues and potential impact of the risks.  The project risk as well as issues has an impact assigned for determining severity as well as priority.

The risk response planning technique is helpful for the projects allow the project team determining the process of reacting to particular risks or the issues. The range of the responses consists of accepting the risks (Hogarth, Hutchinson & Scaife, 2016). In addition, approach for risk management will be helpful to support the statistical tools and support of the statistical tools as combined process. It makes easy for the applications of quality based risk management principles in the particular sector.  

In Australian Pharmacy industry, program for risk management usually starts with identification of risks related to a particular product and the procedure used for developing, manufacturing and distributing the product. In this perspective, it is required to include systematic procedures designated for facilitating the decision-making process with respect to risks. Apart from this, a strategic safety program is designed for reducing the risks of products by using interventions. The sponsor of every products is required to submit for getting approval and considers the process of minimising the risks from the use of product.

In order to develop risk-based decision, it is necessary to adopt a systematic approach. The methods utilized for risk management in pharmacy sector of Australia  can be described as followed.

• Primary risk management facilitation techniques
• Failure mode, effects as well as critically analysis (FMECA)
• Risk operability analysis
• Preliminary risk analysis
• Supporting statistical tools
• Risk  ranking as well as filtering

The risk management program of Australian Pharmacy Sector monitors critical points in the manufacturing procedure. However, it is included in the lifecycle phases. Analysis of the existing systems or prioritizing risks is generally used for evaluating quantitatively evaluated along with the qualitatively evaluated risks to inspect and audit. Risk assessment, risk control, reviewing risks and communication of the risks are the major elements of the risk management technique.

 The utilization of risk-based approach gives a continuous method to take decision by which risks related to the Australian pharmaceutical industry can be easily identified and mitigated. In addition, it helps in resource allocation as well as ensuring concrete management in the industry. On the other hand, applying risks management technique to the industry would be helpful to mitigate overall risks that have a financial impact on the industry.

Discussion of research methodology is helpful to carry out the research in proper way. The section of the study discusses determination of suitable methodological tools that is useful to lead the research in appropriate way. Moreover, data collection as well as analysis process is explained in this chapter of the research.

Taylor, Bogdan and DeVault (2015) mentioned that rresearch philosophy is considered as beliefs regarding the way in which data related to the phenomenon are collected, analysed as well as used. Epistemology as a term as opposed to doxology usually encompasses several philosophies of research philosophy. On the other hand, the purpose of science and procedure and transformation of the things believed as doxa to episteme. The major research philosophies can be identified namely positivist as well as interpretivist. It includes the phenomenon isolated as well as the observations are repeatable. Research philosophy includes being aware as well as developing beliefs alongside presumption in a research.

Positivism philosophy is used in the current research. As selection of of positivism philosophy is useful to identify the concealed facts as well as data related to the risk associated with Australian Pharmacy sector. Likewise, nature of the research is restricted in time. Consequently, interpritvism theory is discarded in the research. Aside from these, choosing positivism philosophy is useful to control and assess information prompting minimization of information mistakes.

Research approach is sorted into two types, for example, deductive approach along with inductive approach (Shamseer et al., 2015). Abductive approach usually starts with the surprising facts as well as research process devoted for description. Inductive research approach helps with concentrate the research point when satisfactory information on the subject is inaccessible. The underlying period of inductive approach is seeing to increase related data and builds up the method for the research as need. Apart from this, deductive approach is used as a method clarifying commonsense use of the speculations contemplated for getting to the substance of the research.

Deductive approach is chosen in the research with a specific end goal to consider the risk management procedures in pharmaceutical industry of Australia. It helps to analyse the theories and models related to the risks management in the industry.

Lewis (2015) commented that rresearch design helps to depicting the structure of the specific research, which will be useful to gather information and utilize investigation design. Amid the method of information gathering, investigate approach is connected, which are useful to clarify inquire about plan in effective way. Descriptive, exploratory and explanatory research design are the types of research approaches.

Descriptive research design is applied in the current research as it would be helpful to analyse the idea of the investigation, not conceivable for the topic. The research design is useful for characterizing the definite process involved with the system.

Data collection is considered as a procedure of collecting as well as measuring information of the targeted variables in the developed systematic way. It enables answering the related questions as well as assesses the results (Flick, 2015). Data collection is one of the components of research. The target of data collection is capturing quality evidence based on the process in order to capture quality evidence. In addition, it allows analysis in order to lead formulation of questions for the research. There are two kinds of information accumulation utilized as a part of a research, for example, primary data collection and secondary data collection. Primary data are typically gathered from surveys.

Qualitative data analysis is considered as the range of procedures where it is required to move from qualitative data, which have been gathered into description, understanding as well as making interpretation of people along with the situations. In the present study, qualitative data analysis technique is followed to break down information from study.

Flick (2015) stated that selection of sample is helpful to get the expected outcome for the research. In the current research, basic simple random probability sampling method is taken after for choosing sample for the research.  3 project managers related with continuous activities in Pharmaceutical industry in Australia has been chosen for interviews. Thus, selection of the technique is helpful for the research to get the expected outcome for the research.

The current chapter of research is useful to make clarification of the diverse research techniques and making better analysis. The section assists to adjust the type of the research so that the research can develop effective research methodology and get expected outcome. In addition, selection of methodological tools would be helpful to provide an overview regarding public and private role in the medicine sector of Australia. Moreover, selection of appropriate methodology would be helpful to conduct the research so that it can generate expected outcome.

In this chapter of the research, a qualitative data analysis has been conducted. Three managers of Australian Medicine Sector have been selected for the interview. Based on the interview, a qualitative research has been achieved that represents their viewpoint regarding the risks involved with Australian medicine sector. In addition, risk mitigation strategy has been described with the form of thematic analysis in the below section.

Theme 1: Contemporary issues in Australian medicine sector

According to Puy 2016, the one of the most problematic situations that leads to the fact that the processing of the hospitals. The reason of the administration has been the reason behind the death of 112 deaths across Australia. This is the fact that deals with the administration of the hospitals. The major purpose of the administration of the hospitals is to guide the patient regarding the processing of the data that incurs the fact that the processing of the data is evaluated and the department that the patient must be taken o must be taken. The efficiency of then administration includes the terminology that the processing of the data that includes the fact that the department of the hospitals are the major processing of the entire termination of the treatment of the patients. This includes the fact that the data that is collected after the testing of the patients are evaluated by the administration of the hospitals and the department that the patient needs medical assistance on is decided. In case decision that is taken by the administration office is wrong there is an imbalance between the treatment the ‘patient requires and the treatment the patients get. According to Meier 2016, This leads to the worsening of the physical stature of the patient. This wrong decision making ought take the patient to the processing that the data of the patient and the worsening of the physical stature is to happen due to the fact that the data medication that is required to the patient is not provided to the patient. Thos aspect declines the physical stature of the patient abruptly. To worsen the physical stature the wrong medication with huge side effects are implemented on the patients. This can easily push a patient towards death. This inefficient processing will lead to the fact that the total efficiency of the treatment of the patients in the hospitals of Australia will decrease in a very fast rate. This process has been one of the most dangerous processes or lack of sincerity that will lead to the death of the patients who will face the problem regarding errors in administration department. This is the major reason that leads to the fact that the belief of patients have been decreasing from the hospitals. This procedural error is somewhat due to the fact that the number of employees are comparatively less as compared to the patients that are visiting the hospitals regularly. This processing deals with the methodology that the employing of much efficient administration personnel must be recruited to decrease the problems that are occurring. According to McTier and Duke 2015, The sincerity of the employees that are placed in the administration department must also increase s the requirement of the patients are also increasing and the number of heads visiting hospitals re also increasing pin an exponential manner. This process incurs the methodology that the proper educated and skilled employers must be employed to avoid such mishaps in a regular basis.

Theme 2: Medication related hospital admission

According to The number of private hospitals raising in Australia during the 2000s were very high. Te hospitals were in progress in the year 2000. This was considered to be an improving sites for the building of Australia. The fact that the processing of the hospitals were considered to be the advancement of Australia. The idea of opening the private  hospitals in Australia was to ensure treatment to a large number of patients in a single time. But this ideas of providing treatment to a lot of people in a single time was not performed well. By the end of the 2005, the opening of the private hospitals were already made. According to This brought hopes for several patients who could not afford the treatment due to the fact that the distance of the hospitals in Australia was far from their place. The private hospitals are the gateway for patients where people can spend more and wanted comfort. But the major issue was that none of this hospitals were multispecialty hospitals. This fact ensured the processing of the data that is the processing of the treatment of all the diseases were not done under the same roof. By the year 2009, it was the hot topic that the efficiency of the hospitals that are private in nature is lacking efficiency. This ensured the fact that the processing of the data regarding the processing of the patients were not up to the mark. This ensured the fact that the processing of then data regarding the patients were not very high. This caused to the fact that the people stopped visiting the private hospitals. This avoidance towards the private hospital started since the year 2013.

(Source: Meier 2016, p.551)

This fact led to the loss of the hospitals that were built privately by business tycoons. The fact that the loss incurred by the hospitals was not accepted in a very decent way. The business tycoons decided to increase the processing fees of the private hospitals to get the money that they had invested too regain their stature. This fact lead to the proceeding that the hospitals despite being non multinational started faking to be multinational in order to gain the crowd and the processing of the clients and increase the revenue. According to Meier 2016, as the hospitals were not multinationals the equipment sand the set up was not up to the ark. This lead to the fact that the efficiency if the hospitals started declining in a very fast rate. The processing of faking the multi national inhibition cost the lives of 56 people who got deceived with facilities that were so called multinational. The lack of efficiency was because the hospitals despite being very basic in nature tried to attract that mass by faking promises. This was the record number of deaths that took place in the history of Australia in the private hospitals due tie the lack of specialty. The Australian government did not took this act easily and impose heavy duty fines on the hospitals and abandoned many private hospitals.

Theme 2: Possible strategies for risks management

According to Martin and May 2017, the probation of the safety that deals with the treatment of the patients is the medicines that the doctors suggest. This processing of the medication is the only way patients can be saved from the processing of the disease that they are suffering from. This processing ensures the fact that the antidote to the disease is provided to the patient in order to cure them. This fact ensures that the methodology of the processing ensures the fact that the data that are evaluated after the processing of the patients are the major reason the patient gets cured from the disease that the patient is suffering from. This fact endures the technological error of the medication leading to the processing of the data segregation, which will lead to the unsatisfactory result s in accord to the patient. This dissatisfaction can be reduced by proper implementation of the medication and proper implementation of the technique that will ensure the fact that the patient is cured.

(Source: Khalil 2015, p.514)

This medication will take care of the proceeding of the health of the patient. This process of medication is the most efficient trussing that will ensure the fact that the personalization of the data of the patients deal with the processing of the treatment and the chemical constituents if the medicines ensures the curing of the patients. But if the chemical constituents of the medicines are not well tested the affectivity of tyke medicines are lost. The recent times in Australia have seen the processing of the medicines with the lack of the equilibrium in the processing of the chemical constituents. According to Khalil 2015, this process ensures the fact that the effective chemicals that acts as the antidote fails to procure the disease. This process ensures the fact that the efficiency of the medicines are lost. This also results in the fact that the medicines do not affect the disease probation which leads to the patients not getting cured easily and transmitting the fact that the processing of the data regarding the disease is not healed. This lack of efficiency of the medication results in the fact that the prosecution of the medication does not affect the patient and the disease is not cured. Another problem is that the doctors that suggest that medicines are commissioned. According to Wilkin, Knight and Boyce 2018, this factor ensures the fact that the data that are collected in the processing of the disease is not done with utmost efficiency. The doctors are paid for suggesting medicines. Despite the fact that the medicine might not be very useful the progression of the disease curing, the doctor suggests the medicine as the doctor is paid to do so. This process has been harming patients eternally. The government of Australia has not taken this aspect in a good note. Extensive research on the product methodology has been under check, which deals with the fact that the processing of the data will be checked, and steps will be taken against the doctors who prescribe medicines by taking money from the dealers of the medicine.      

In addition, systematic process to organize information to support risk decision that is made within a risk management procedure. It could be helpful to identify the risks as well as develop risk management strategies in the pharmaceutical sector of Australia. The process consists of identifying the risks and risks associated process in order to make exposure of the hazards. However, risk management strategies can be helpful to involve transference of the risks several parties and avoiding or mitigating the risks related to medicine sector of Australia. However, it is important to follow specific stages for mitigating the risks. Collection as well as updating the data for probabilities of occurrence that has anticipated impact requires being motivated appropriately. It is significant keeping options such as delay choices as well as making commitment and increase the level of satisfaction for the organization. However, modification of the impact of source of uncertainty, minimizing or maximizing performance and sharing partnership and changing trade-offs between several objectives are needed to modify the objectives involved in project management for the organization. On the other hand, risk control includes several processes like promotional strategy that would be helpful for the system. It is also important to revise risk assessment process to detect and evaluate the possibility of change in risks.

Theme 4: Role of government and agencies for implying risk management technique

According to Williams, Crawford and Puy 2016, the wealth status of the Australians are not very saturated this leads to the affect that the ability to spend money on mediation in costly multinational hospitals are not possible for the citizens Australia. The patients check out for the dispensaries and the processing include the fact that the data has been acting as a practiced pharmacist checks the evaluation of the disease and the medication is recommended by the same. This fact takes into consideration the fact that the data that are checked buy the pharmacists are not set and the unification of the process of the pharmacists are not maintained. This process ensures the fact that the processing f the data wails procure the patient with un appropriate medication. An improper medication that is provide it the patients are harmful for the patients. This process takes into consideration that the patient never visits the doctor or any hospital rather visits a pharmacists and gets the medication with the lowest cost possible. The pharmacist, who is not well educated or has never received any professional degree from any medical college is void of the knowledge regarding the processing of the disease from which the patient is suffering from. This ensures the fact that the medication that the pharmacist will provide will not be very efficient in nature. This causes the fact that the medication they will provide the patient will not be very trust worthy and the medication might affect the patient negatively. This process ensures the fact that the data evaluated from the testing of the patient is not put into use efficiently as the pharmacist do not possess any theoretical knowledge regarding providing proper medication. The side effects of the medication that is improper in nature is very high. This process of not taking the concern of the doctor and referring the medication of a pharmacist because of the want to save money is the probation of the Australians.

(Source: Castle and Chung 2018, p.454)

 In the last 10 years around 469 people has died due to the procession of the pharmacists provide medication to them. This process ensures that the cost incurred in treatment the people of Australia was sacrificing its efficiency just to save money. According to Castle and Chung (2018), the government of Australia has been acting very effectively which lead to the fact that the pharmacists practicing medication is completely banned and any pharmacist practicing medication wile b banned and the certification will be terminated. The step that has been taken by the Australian government has been if utmost importance. To reduce these glitches, the government of Australia has been opening hospitals that would take care of the diagnosed patients of Australia in a very cheap rate.

There are two different approaches implied by the government of Australia to the changing-public roles. However, the government may seek increasing private roles actively. The range of strategies utilized is referred as privatization. The government may also introduce market mechanisms into own operating during maintenance of public financing as well as provision of the services. The main approaches to the process of privatization are included transferring ownership and contracting ownership and develop own operation. In addition, creation of enabling environment for private sector involves financial incentives and regulatory changes along with incentives that may stimulate private sector development. The incentives are integrated in order to achieve particular drug policies for the organizations. There are several active approaches to the increasing private activity in health care sector.

Considering public as well as private roles in the pharmaceutical sector has taken place in the close linked issues like reformation of health care sector and rethinking the role of the organization. Hence, the objectives of health reformation are based on equity access. The objectives are sought reforming in the enterprise. According to the part of reform procedure, health sector policy-makers and the government of Australia need to seek the ways for increasing the role of private service providers as well as working effectively with private sector. In addition, it is required to enhance performance and decentralization of functioning the ministries of health by organizational restructuring as well as strengthening the management. The spread of free trade made significance of the products that is easier. There are several countries jettisoned  about long-standing structures, which are supported by local manufacturing industry.  

From the above study, it summarizes that lack of diversification in revenues and investors opt for small caps, whereas smart investors are not wrong for singular blockbuster scopes as well as trying to achieve several diversifications allocating small part of portfolio capital. It does not make the investment as less risky. Thus, operating cash flows are important in profitability as well as financial strength as the earnings of the enterprises are greater compared to the expense of internet.  It can indicate effective financial strength as the organization earns the way more than obligations.

Conclusion

The above findings conclude that protection of a patient through managing the quality systems as well as manufacturing process is provided prime significance in pharmaceutical sector of Australia. The products as well as processes are related to risks. It is also significant that quality of product is vital that quality of the products need to be maintained in the project lifecycle. In addition, risk in the projects of Australian pharmaceutical industry. In the earlier days, the risks involved with product quality as well as procedure need to be evaluated through following way like the one trends review and observations compilations. The risk management approach is initiated through regulatory agencies with recognized management tools as well as support of statistical tools in the combination. It makes easy for the application of quality-risk management principles in the industry. A risk management program needs to start by identifying the potential risks related to the product with the procedure utilized in order to develop, manufacture as well as distribute product. In this perspective, it is also important to develop effective quality risk management that can ensure high quality drug to the patients.

In order to overcome the risks faced by the organizations of Australian pharmaceutical sector, it is required to design safety program in order to decrease product risks using the process and inventions. In addition, it is required to take some steps that can be described as followed.

• Learning about the process as well as interpreting advantages and risks
• Designing as well as implementation of interventions minimizing advantages and risks
• Evaluation of interventions for acquired knowledge over the time
• Revising interventions when it is suitable and appropriate
• In addition, it is required to follow basic risk-management facilitation method, failure mode effects analysis, preliminary hazard analysis and fault tree analysis would be helpful to mitigate the risks faced by the organizations involved in the pharmaceutical industry of Australia.

Although the project has several advantages and generate expected outcome, it has several limitations. There was limited budget and time for the research. Limited budget has become obstacle for accessing subscription-based articles that may provide statistical data and may produce different result. In addition, the articles except than English were not accessed. On the other hand, limited time did not allow to access more number of books. However, the data collected for the research are ensured not to misuse and publish for different purpose. The data are protected under the Data Collection Act 1998.

 The research will be beneficial for future researchers as secondary source of study. In addition, the research would be helpful for the project managers of pharmaceutical sector to identify the risks involved with Australian pharmaceutical industry and take effective strategy that can be helpful for the organization to gain competitive advantages and retain in the market with respective position.

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