According to Cheeseman (2010), tangible property is defined as all real property and physically defined personal property, such as buildings, goods, animals, and minerals. Tangible property protection is a critical aspect of management as more companies are perpetrated by criminals. In the pharmaceutical arena, tangible property can include warehouses and the property in which they are established, product, transportation methods (tractor trailers). The industry over the past couple of years has suffered tremendous losses due to the rise of burglaries and cargo theft. The harsh reality is that the increasing development of technology and the decreasing economy yields smart and eager criminals. According to The Freight Watch International (2010) website, in 2009, warehouse burglaries were up 50% and during the first half of 2010, 12 warehouses were burglarized. In March 2010, criminals cut a hole, climbed down a rope, and used the company forklifts to load 75 million dollars’ worth of drugs on a tractor trailer at an Eli Lilly Warehouse.
As a previous manager in the pharmaceutical industry, I learned of the risk associated to patients as criminals are counterfeiting the drugs. To prevent the thieves there are actions that managers must take to protect their property. According to The Securing Pharma (2011) website, some of the steps to be taken are outlined below.
* Identify potential security threats: know your criminals. As a company investigate those criminals who are targeting the pharmaceutical sector. Understand their motive and technique.
* Identifying the nature of the vulnerability involved: where is your company most vulnerable. Conduct a risk assessment at all levels of the business.
* Implementing risk reduction measures: Set aside monies to allow for upgraded technology and security... [continues]
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