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The growing rate of the aging population with significant unmet needs is creating a high demand for pharma manufacturing companies. However, pharma manufacturing companies are also facing headwinds from unattractive pricing and volume expansion across all regions, growing size and bargaining power of payers, the emerging biological patent cliff, and the growing competitive pressure. Amidst these challenges pharmaceutical manufacturers are seeking to reduce operational costs and streamline cycle time within R&D.
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Our pharma industry experts have listed out some key strategies that pharma manufacturing companies can use to gain efficiency and enhance their R&D process:
- Partial outsourcing: Outsourcing at least a small part of research and development processes to emerging markets and low-cost centers can help pharma manufacturers to considerably reduce their overall costs. Companies in the pharma sector can take inspiration from other significant industries to relocate certain operations to areas where labor costs are cheaper. However, some pharma manufacturing companies are often skeptical about outsourcing R&D as it carries a heavy risk. This is one of the prime reasons why experts suggest shifting only non-core activities to low-cost centers.
- Business process management: Companies in pharma manufacturing can gain increased efficiency by relying on business process management. Redundancies in processes can be reduced through automation and optimization. This can also help pharma manufacturers reduce their time to market and enable regulatory compliance with R&D phase of a new drug such as simplifying clinical trial processes, minimizing errors, and creating a collaborative research environment.
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