Pharmaceutical industries use intellectual property rights to ensure that they protect their products against counterfeits and recover the inputs that they incurred in the research stages. Precisely, these industries use the industrial property (IP) rights, a category of intellectual property rights, to meet their demands. The managers, in these industries, should recognize the industrial dynamism.
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Through this, these organizations will be able to understand the proceedings and regulatory trends, and the impacts on their sector. In addition, in the pharmaceutical industries, cases of drug theft and other facilities from the warehouse, errors and omissions, and drug counterfeits have been rampant.
The managers should know the sources of their threats; therefore, enabling them to take necessary steps to avert or minimize their occurrences. Additionally, these managers ought to be aware of the patenting rights, as this will help to protect their trade secrets. Since employees are constantly moving from one company to another, managers must outline legal measures that guide the organization’s trade secrets.
Therefore, the risk managers in order to protect their properties, they can device a regularly scheduled maintenance plan to monitor their tangible properties.
The passing of Sarbanes-Oxley Act of 2002 made several changes in the overall management of firms. For instance, the act had increased the premiums and stripped off covers protecting the directors and officers. Concurrently, the Directors’ and Officers’ liability insurance (D&O) did not indemnify the directors in cases involving the firm.
Consequently, the directors solely bore the financial burden, thus, putting their assets at risk. Notably, if a director is found guilty in a fraudulent case, an insurer recovers the defense cost they had incurred. Since the company’s’ operations have been more transparent, then before the adoption of the act, the shareholders are more involved in the daily business activities. The shareholders act as activist.
Therefore, they have authority to institute any legal proceedings if they feel that the organization is engaging in unethical practices. External auditors help to monitor the accuracy and accountability of the managers.
Explicitly, the fall of Enron in 2000 was due to the collusion between the internal auditors to give wrong report to the public. For example, it built a power plant and immediately recorded profits on its accounts but, in reality, it had not made any profit.
Firms have to comply with regulatory requirements in their daily operations. For example, in the chemical industries, they must comply with the following regulations: registration, restriction, authorization, and evaluation of chemicals. If the industries have an unusual use for a chemical, they should avail the details of the usage to their suppliers.
However, if the information may negatively affect their reputation, the industries must do their own chemical safety assessment. Additionally, a permit or exemption is needed if the chemical industries are to store waste.
This they obtain from the Environment Agency. On the other hand, a waste exemption can cover the industries if the waste storage is considerably posing a low risk. For instance, the industries can store a fixed mass of waste products for research or trials.
In sports and recreation departments, there are some legal liabilities, such as occupiers and vicarious liabilities. Occupier’s liability arises when injuries occur to a person when using an organization’s faulty equipment. The owner becomes liable for the injuries. However, vicarious liability occurs when an organization becomes liable due to negligent actions of their employees.
For example, a person gets hurt due to an instructor’s negligence. As the director, I will ensure that the equipment meets the standards that the International Sports body requires. In addition, I will ensure that the employment policy is strictly adhered to, such that only qualified people get the job.