Keywords: flexible approach, risk management, SMEs, UK biopharmaceutical sector, small and medium-sized enterprises, United Kingdom, new product development, NPD, flexibility, innovation
Flexible risk management in new product development: the case of small- and medium-sized biopharmaceutical enterprises
Risk is a characteristic of innovative industries. The process of new product development in the biopharmaceutical sector is extremely dynamic and unpredictable, creating both risks and opportunities for the small and medium-sized enterprises. The survival and development of these firms is determined by their capacity to develop flexible, but effective responses to the challenges of the competitive environment. This study investigates the risk management procedures implemented by the UK biopharmaceutical SMEs, and the importance of flexibility for enhancing risk management in the new product development process. On the basis of the data collected and interpreted, the study proposes a multi-level model of flexible risk management approach for biopharmaceutical firms.