The purpose of this research is to review the effect of structural features of board on financial risk in pharmaceutical products industry. The time period of this research is 2003- 2011, and it is done on a sample of 19 pharmaceutical companies. To analyze research assumptions in mentioned industry, we used regression multivariate models in pooled (plan) mode and Eviews 6 program. In this research, we used change in liquidity and change in financial risk variables as dependent variable of financial risk, we used structural features of board, including: board size, board combination, and duality of CEO, as independent variable, and eventually we used company features, including: company size, growth opportunity and profitability, as control variable. The results indicate that board features (both process and structural features) has no effect of financial risk in pharmaceutical products.

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