SingaVax Inc. is a pharmaceutical firm formalizing a new product – a new Covid-19 vaccine. What kinds of risks will it face? Discuss it strategy for risk planning and mitigation?
Risks majorly to obtaining licenses, side effects of vaccine and financial and operational risks pertaining to budget and rollout can be faced.
Risk planning and mitigation strategy involves taking larger sample size and Qualitative testing, funding from government through strategic partnerships, collaboration with government authorities and liaison for faster approvals and lowering time and cost of production, deploying additional manpower to reduce risks of failure.
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