Major pharmaceutical companies rely on intensive drug development exercise in order to face competition and grow. Drug development is costly consumes time and unpredictable. The matter becomes worse for a company whence patent runs out and generic competition begins. Being R&D intensive the revenue flow out is substantial. There is increasing pressure on drug companies to reduce cost and come up with new drugs in order to compete in the markets.
The industry is facing challenges in product discovery, development and subsequent manufacture. This is where efficient project management provided by outsourced firms comes into the picture.
Phenomenal amount of investment is required for drug development and promotion. Subsequently the number of new products entering the market is decreasing rapidly. Hence strategic planning has become imperative for pharma majors. This calls for a new manner in which projects are managed. But it is important to optimize process with regulatory framework. The safety requirements have to be paid heed as well.
Most of the drug development activity is being outsourced to countries like India. Expertise in project management from pharmaceutical consultant is the need of the hour. They are better able to handle specific issues. There expertise leads them to a proactive approach.
Outsourcing drug development contract research through project managers benefits the companies. They take advantage of the strength of the organizations. Proper and careful project management is a prerequisite if advantage is to be gained through collaborations.
In project management the weight age is on marking out the co relation between various process for starting, planning and successful completion of the projects. On many instances projects fail due to the inefficiency of the project managers.
The newly developed products are highly expensive and their consumptions is limited to developed countries. Never the less developing economies like India and China will provide larger scope for marketing these drugs.
With technology transfers and contract research being outsourced to third World countries and small players there should be more producers of new drugs. The paradigm shift is required in order for the industry to survive and produce new drugs for the service of the people.
