Pharmaceutical supply chain has always been a point of great interest in academic research as well as in industrial practice. However this popular buzzword still remains an ill-defined and poorly understood concept and this will provide a better understanding of the different levels of pharmaceutical supply chain issues and the terms regarding supply chain for pharmaceuticals. Though the pharmaceutical industry has grown by leaps and bounds the risk affecting it has also increased proportionately. Furthermore this addresses the issues of risk mitigation in pharmaceutical supply chain by providing quantified empirical results. Based on the available literature four major risks affecting the pharmaceutical supply chain were identified as regulatory risk, inventory risk, counterfeit risk and financial risk. Ranking and management strategies of these are based on Analytical Hierarchy Process model. Also solutions to these risks are provided based on the results of the survey questionnaires and literature study which would be best suited for the industry to flourish and survive in today’s competitive global marketplace.