IRM India Affiliate will focus on building risk awareness and a robust risk management ecosystem in collaboration with leading organisations across various other sectors
In order to strengthen the risk ecosystem of the Indian pharmaceutical sector, multinational pharma giant Cipla will work with the Institute of Risk Management, India Affiliate (IRM India Affiliate), a global professional body for Enterprise Risk Management (ERM) qualifications.
IRM India Affiliate will focus on building risk awareness and a robust risk management ecosystem in collaboration with leading organisations across various other sectors. This will include multiple thought leadership and content platforms including webinars, research papers, and panel discussions.
Globally, the pharma industry has undergone a rapid change over the last year, with the demand generated from the covid-19 pandemic overshadowing other treatment areas and given the operational challenges posed by the lockdown. However, the past year has also underscored the importance of the sector. While other sectors struggled in 2020, the global pharma industry revenue reached USD 1.27 trillion, slightly up from USD 1.25 trillion in 2019. As the largest provider of generic drugs worldwide, and with over 50% market share in the vaccines segment, India is a vital part of the global pharma supply chain. Consequently, it is incumbent upon pharma companies in the country to fortify their defences against various risks, in order to combat any future crises and continue contributing successfully to global healthcare.
“The Indian pharmaceutical sector is a world leader, both in terms of products and services. This, coupled with the nature of the industry, also exposes the sector to various risks pertaining to multiple regulations. Our goal is to help pharma companies build a framework for robust, data-driven, and long-term Enterprise Risk Management practices, to mitigate risks in this expanding sector. As a pharma giant, Cipla has more than proven its expertise in managing different global markets and leading in product development, all while building one of India’s largest multinational companies," said Hersh Shah, CEO, IRM India Affiliate.