Latin American Business Review, v. 21, n. 3, pp. 223-254. Abstract: This article maps risk perception across the pharmaceutical supply chain (PSC) in Brazil. Our paper employs the method orders-of-magnitude analytic hierarchy process to rank risks as perceived by industry, distributors, hospitals and pharmacies. We show that players have a siloed perception of risk and impact of those risks. While upstream players emphasize cost, downstream players value service; moreover, both prioritize operational risks over strategic risks. We call for further studies in Latin America: although interest in risk is growing, few studies address the PSC and even fewer realities outside the Northern Hemisphere.