Pharmaceuticals
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The pharmaceutical industry is under increased pressure from investors who are concerned about future sales and profits. Pharmaceutical companies must build a strong pipeline of drug candidates while decreasing time to market without compromising ethical and safety standards.
Success in this industry depends on the ability to:
- Build a strong pipeline of drug candidates to minimize risk
- Manage the product development and approval process more effectively
- Create a strong IT infrastructure to support automation of development and administration functions
Growing the Product Pipeline Through Project and Portfolio Management
Pharmaceutical companies are spending a significant amount of money on research and development to meet the needs of an aging population and to navigate an increasingly rigorous drug approval process, but time to market is slow. Datamonitor, an independent market analysis firm, found that current pharmaceutical company pipelines hold just 18 potential blockbuster products in the late stages of development. With patent expirations for many important products looming on the horizon, stockholders are anxious to see these companies get new drugs out of the lab and into the market.
The drug development process demands expertise to steer the commercial life cycle of products in the highly regulated world of prescription and over-the-counter products. It is critical for pharmaceutical companies to build a pipeline of drug candidates to diversify the risk inherent in any single product and to ensure sustainable product flow for the future. Rigorous project and portfolio management is essential to juggling multiple projects under way in various stages of completion and to contain costs of prolonged development programs.
Decreasing Time and Cost of Development, Testing and Approval
Although a more diversified pipeline is key to revenue and profit growth, juggling multiple projects in various stages of completion takes expert oversight. Decreasing the time to completion of these projects requires identifying tasks that can occur simultaneously and ensuring that team members are working efficiently.
Automation of clinical trials and submissions to regulatory industries can help to simplify and speed up these complex processes. However, ethical and safety standards must still be maintained, even while decreasing development times. Therefore, close monitoring of these activities is imperative to maintain these standards. Managing a diverse group of researchers, patients and government representatives requires detailed planning and constant milestone-checking to ensure projects are delivered on time and within budget.
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