Risk prioritisation in the process of product development in biotechnology companies

Biotechnology companies are technology companies characterized by the systematic application of various types of technology. They involve the fundamentals of biochemistry, genetic engineering, physiology, microbiology, botany, zoology, and chemical engineering. The development of new products (DNP) is a characteristic of these companies. DNP is a complex process that involves several types of risks and critical success factors, especially in technology-based companies (TBCs). The key risks and sub-risks of PDP in biotechnology companies were identified and prioritized using the multi-criteria decision making method, AHP (Analytic Hierarchy Process). The result of the study was a “ranking” of the principal risks and sub-risks associated with PDP in biotechnology companies, of which market risk and financial risk were the risks most critical to PDP, followed by risks related to product requirements, manufacturing, human resources, and supplies. The main sub-risks identified were client refusal, lack of economic viability, low competitiveness, final product costing more than expected, and reduced reliability. The sub-risks that appeared less critical to PDP included low similarity of supplies, delayed delivery of inputs, high cost of inputs provided, dependence on suppliers, and high generation of waste during production. Based on these results, we obtained an indication of the possible priorities and focus of attention in managing risks during the product development process in a corporation