Can Pharmaceutical Engineering provide solutions for the challenges on the horizon? What are the challenges that we will have to face in the years ahead? The answer lies in the fact that all of us in the field of Pharmaceutical Engineering are facing very tough challenges. Let us discuss some of the challenges that pharma industry faces and how to meet these challenges.
Challenges on the Healthcare front: It is not just the Research and Development that increase productivity but also the implementation of the clinical trials that have been done so far. These clinical trials have been very crucial to get the latest drugs approved. The drug approval procedure also requires a lot of money and time. So the question arise how can pharmaceutical companies increase productivity per employee by approving the drug more quickly and cheaper without compromising with quality?
Challenges on the Manufacturing front: How can you manufacture drugs that are efficient and produce them at low unit cost? The answer lies in outsourcing the production and development costs. Outsourcing helps you produce and commercialize your products without compromising with quality. Also they help you lower your R&D budget which can lead to cheaper production.
This can result in better product quality and also lower cost
Challenges on the Distribution: Now-a-days it has become very necessary for us to keep pace with the consumer demand. Our consumers are now more discerning in their purchasing habits. As a result the demand of health care products has gone up steeply. Now-a-days most of our consumers rely on online purchase. The challenge here is how can you keep your company abreast with the customer demands?
Challenges on the Reservation/Installation front: A relatively new phenomenon among the medical world is the reserve of plants and other manufacturing houses to build facilities to manufacture drugs. These are known as depot/installation sites. In this process drug products are manufactured, packaged and released into the market for sale. The challenge here is how to improve and increase the throughput rates of your plants.
Challenges on the Manufacturing front: How can you scale up production if you are importing drugs from abroad? The solution lies in automation. Modern day drug plants have built-in production systems that work like factories. They can scale up production very quickly. Drug product development requires large investments from the pharmaceutical companies. Hence, they are reluctant to introduce new drugs if there are production problems.
Challenges on the Sales front: How can you advertise drugs if you do not have any brand image to sell? There are many ways to promote the product. The answer lies in creating an image of excellence. This is done through various advertising mediums.
All these challenges can be answered if your company has a strategic business plan. Pharmaceutical companies should invest in tools that help them streamline their operations. These tools can include software that help management of data and information. It should help manage manufacturing, human resources, distribution and research and development. Pharmaceutical companies should form a proper partnership with other companies to develop mutual business goals.
How can pharmaceutical companies increase productivity? It is obvious that there will be a shift in the types of jobs being performed. People will no longer do the job of making drugs but perform that job inside the company. The main areas in which the pharmaceutical industry is going to see an increase in productivity are sales and marketing.
How can pharmaceutical companies increase productivity? The answer lies in investing in research and development. The larger pharmaceutical companies spend billions of dollars every year on research and development. They try to develop drugs that will cure diseases and make people more healthy. These companies try to follow the path of nature as far as drug discovery is concerned.
How can pharmaceutical companies increase productivity? If drug discovery takes years, it becomes inevitable for the pharmaceutical industries to use human resources in addition to the resources that they have at their disposal. Pharmaceutical companies need to train employees in basic and clinical drug discovery. The whole organization needs to be trained in drug discovery because the drugs that they make will be sold not only to patients but also to other pharmaceutical companies who are responsible for distributing them.
How can pharmaceutical companies increase productivity? They need to keep researching for new and innovative drugs that will increase the number of people who live long and healthy lives. An increasing number of people rely on pharmaceuticals and pay for medications with these companies. Pharmaceuticals have become the be all and end all when it comes to medical treatments.
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With over 97,270 brand launches and exports (led by the US market) the Indian pharmaceutical market has grown to almost double in the last decade.
The most significant contributor to the growth of the industry is the US generics business.
The success of Sun Pharma in the US market is both an inspiration and an indicator of opportunities other Indian companies have here.
