Let’s start with an exercise in risk-based decision making. Imagine I’m standing in front of you with £50.
You can take it now (a low risk, sure bet decision) or double your money at the toss of a coin (but stand the chance of losing it all). Heads you win £100, tails you leave empty handed.
What would you do? What is your risk threshold?
Most would probably take the £50. After all, losses loom larger than gains and most people are risk averse.
However, in a volatile and uncertain world, playing safe is the riskier option! Even maintaining the status quo is dangerous.
“The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks,” said Mark Zuckerberg
The pharma industry has always been risk averse. After all, mistakes can cost lives.
But have we gone too far?
I believe we have.Do we need to rethink our relationship with risk?
I think we do.Is ICH Q9 (Quality Risk Management) fit for purpose or is it just poorly applied?
Interested in finding out more? Download the full white paper from NSF.
