Prioritization of Risks in the Pharmaceutical Supply Chains: TOPSIS Approach

Abstract

The diverse nature of the Pharmaceutical Supply Chains induces many uncertainties and complications in the development and production process. The various risks have put the Pharmaceutical Industry under severe pressure since the Research & Development costs are spiraling, and the entire Supply chain is becoming increasingly complex. This calls for the development of a supply chain model with greater flexibility, responsiveness, and resilience. Therefore, risk identification, classification, and prioritizing are essential for risk mitigation, which in turn is vital for industry performance and consumer satisfaction. This paper discusses different risks in the Pharmaceutical supply chain and then prioritizes them using the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) approach. The results obtained through TOPSIS have been discussed and their implications for the industry stakeholders have been concluded.