Russian Journal of Economics and Law (Dec 2018)
Estimating the potential risks of developing clusters in medical industry using various ranking criteria
Abstract
Objective: to develop methodology for risk assessment of functioning of the medical industry companies as cluster members.Methods: methods of financial management of enterprises in the field of risk management were used.Results: by the example of the selected industry, the interaction of high-tech enterprises in a cluster and risks arising therein are shown. The need to improve competitiveness of the Russian medical devices manufacturers and medical institutions, on the one hand, and their integration into global production chains, on the other hand, requires taking into account international risk management experience. The risk assessment algorithm for the medical industry companies’ formation and functioning in a cluster structure is given, based on selected indicators of probable risks and levels of the companies’ development or maturity. It is shown that ranking of the technological and economic risks of cluster companies’ development within the complex of measures of financial and economic analysis, aimed at minimizing the negative impact of internal and external environment, may improve the organizational and economic sustainability of enterprises and organizations participating in the cluster. At the same time, business processes determined by the cluster members’ interaction should include mechanisms of not only minimizing, but also of excluding and in case of impossibility - insuring the risks. Investigation of the economic entities’ stability should be carried out with the methods of economic and financial analysis. It is shown that risk minimization is possible through the use of methods of financial and economic analysis, which allow estimating, with varying degrees of reliability, the probability of cluster development risks associated with its organizational and economic stability.Scientific novelty: the article presents a model of cluster members’ interaction determining the place of the controlling module as a link that collects and analyzes information from all enterprises and organizations of the cluster, processes it in a convenient form for interpretation and represents it to the management module for making decisions on risk management. Practical significance: the proposed approach to risk assessment and the formation of a controlling system can be used in the practice of clusters in the field of medicine for making managerial decisions and improving the efficiency of interaction between medical companies and medical institutions.
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