This paper provides an insight on risk assessment, which is a component of risk management. Risk assessment is an essential process during the product developments phase of biotechnological and pharmaceutical products. Risk management is an iterative process. | A perspective of risk assessment for product developments in biotechnology and pharmaceutical products International Journal of Management IJM ISSN 0976 6502 Print ISSN 0976 - 6510 Online INTERNATIONAL Volume 5 Issue 7 July 2014 44-50 IAEME OF MANAGEMENT IJM ISSN 0976-6502 Print ISSN 0976-6510 Online IJM Volume 5 Issue 7 July 2014 pp. 44-50 IAEME http IAEME Journal Impact Factor 2014 Calculated by GISI A PERSPECTIVE OF RISK ASSESSMENT FOR PRODUCT DEVELOPMENTS IN BIOTECHNOLOGY AND PHARMACEUTICAL PRODUCTS Samaraj S. Thiyagarajan PMP Austin Texas USA- 78749 ABSTRACT This paper provides an insight on risk assessment which is a component of risk management. Risk assessment is an essential process during the product developments phase of biotechnological and pharmaceutical products. Risk management is an iterative process. It starts from project scoping and completesupon projectfinish. Basically risk are categorized as known risks and unknown risks. Risk assessment is the first stage of the risk management followed by risk evaluation and developing a risk management strategy to monitor and mitigate risks. Ideally in any project scenario risks will be high during the project initiation phase and reduce as project enters into later stages. This paper discusses the process of risk assessment for each phase of the developmental stage of new products. In summary for successful execution of projects product development needs adequate risk assessment strategy. Keywords New Product Development Risk Assessment Biotechnology Pharmaceutical. INTRODUCTION New product introductions are the life line of any business. A successful business model will spread its roots only when new products are commercialized and sustained without any failures. The long term competitiveness of a business relies on the company s new product development capabilities SC Wheelwright KB Clark 1992 . Any new product commercialization process involves
