Project management is the use of specific knowledge, skills, tools and techniques to deliver something of value to people.
The pharmaceutical industry is booming, and the race for manufacturers to bring new Drugs into the market faster is closer than ever before. Today more than ever, every dollar invested must be justified and any initiative must deliver positive and tangible results. We know the pharmaceutical industry is one of the world’s most regulated industries in the world & Pharmaceutical companies everywhere are scrambling for new ways to develop their products faster, within the budget and according to quality Standards. Recently, more and more pharmaceutical companies have begun focusing on one of the most simple, cost-effective ways to improve their processes and speed product development.
Key pharmaceutical decision-makers clearly recognize Project Management’s impact on their company’s bottom lines. However, tight production schedules prevent many companies from dedicating time to Project Management expansion and training. Instead, these companies attempt to manage critical projects and clinical trials with limited or improperly trained staff and drastically reduced lead times. Too often, the unfortunate result is projects that are late or over budget & highly costly to the company.
Project management is a discipline that can be applied to all industries, regardless of the product or service they are designed to deliver. Beyond its basic application across various sectors, project management has tremendous value when effectively implemented to increase the product or service’s success significantly. In the pharmaceutical industry, Project Management is the key to addressing the particular industry’s unique regulatory, compliance, and quality-related needs. The process of drug development and the critical issue of time to market can capitalize on Project Management techniques to effectively apply Planning, Scheduling, Risk Management, and Comprehensive Quality Assurance and Control to the process of bringing a drug to market in a cost-effective but within the timeline. According to research and advisory firms Gartner, Inc.’s The Project Office, by Matt Light and Tom Berg, Organizations that use rigorous grading criteria to move projects from the requirements phase to the development phase save more than 25 per cent in organizational costs for late or cancelled projects. Over the past decade, there has been a significant increase in the use of the Process of Project Management in the pharmaceutical industry. Project Management is particularly helpful for providing structure and focus through the tumultuous ride from Project Identification to the Product Market Launch. Monitoring the various processes from one phase to another, meeting timelines and dealing with stakeholders & Various Agencies/Bodies are often challenging during the development process. Project Managers can assign the appropriate amount of time and resources to each phase of the development, thereby ensuring that work can progress in a logical but controlled way. The project Manager can also assure that all tasks are completed correctly the first time so no rework has to be performed, which will delay the project and its time to market. The project Manager can also ensure rigour & discipline in Planning, Tracking, and Costing as well as establishing Project Governance for frequent review & recourse. The two key challenges in the pharmaceutical industry are quality and schedule, both of which are directly addressed by the tools and techniques used in Project Management.
We at Brinda Pharma strongly believe that Project Management is a really critical part of any company and true work of collaboration as well as dedication. As we are shifting into future, many methods and techniques have been changed from the past but the goal of project management is still the same. Using the latest tools of IT Systems, ERP and Collaboration has been made easier.