A 55-year-old patient with a history of liver cirrhosis presents to the emergency department with a sudden onset of severe abdominal pain and vomiting of blood. On examination, the patient is found to have signs of hypovolemic shock and laboratory investigations reveal a low hemoglobin level. A diagnosis of variceal bleeding is suspected and the patient is stabilized with intravenous fluids and blood transfusion. Following this episode, what therapeutic interventions can be employed to reduce the risk of further variceal bleeding in this patient?