This case study focuses on the risks associated with coordinating research on stem cells. It highlights risk management decisions implemented by Jansen, the CEO of Sydney IVF, as the company developed through the years. The essay explains the risks outlined in the case and provides strategies adopted by the company to manage these risks.
Ethical implications are one of the risks associated with using human embryos for stem cell research in the firm. Jansen managed this by establishing an independent ethical committee whose responsibility involved the evaluation and approval of proposals used in the research. They functioned as an institutional review board and oversaw all the operations of the company to ensure a positive legislative outcome (Simons et al., 2009). Jansen also ensures that all patients seeking the company’s reproductive services are fully aware of the benefits and risks of their participation and that they agree to participate willingly (informed consent). Additionally, procedures for IVF were strictly followed to minimize mistakes during the whole process. For instance, prohibiting more than one couple’s reproductive cells on a workspace at a given time significantly reduced the risk of implanting a wrong embryo in a patient.
Stem cell research is generally expensive and Jansen had to ensure that the firm did not run out of business by strategizing in the use of stem cells for drug discovery. As much as the company needed to prove its sustainability, it had to limit its funding from self-funding to support through external revenue. Partnerships with other research organizations assisted the company in funding the research. Legal challenges were also prevalent for all Sydney IVF businesses when conducting research. However, Jansen and the managers ensured they obtained all the necessary licenses and complied with the regulatory guidelines thoroughly before navigating any research (Simons et al., 2009). For instance, they obtained licenses from NHMRC and also made regular reports on the embryos formed. This way, the company was confident enough to carry out its operations without fear of sanctions from the government.
In conclusion, Jansen and his team managed the risks through the application of strategic measures such as the establishment of an independent ethical committee, strict compliance with IVF procedures, informed consent, partnerships, and compliance with the necessary regulatory guidelines.
Reference
Simons, R., Rosenberg, K., & Kindred, N. (2009). Sydney IVF: Stem cell research.