The pharmaceutical sector is one of those sectors which require huge investments. These days, regulatory guidelines are becoming tougher. Opposed to earlier, it has become very difficult to get access to new markets unless there is substantial clinical benefit derived from the product. The possibility of price increase is limited owing to stiff competition. The registered patents are nearing expiry and R&D costs are spiraling upwards.
Challenges in Pharmaceuticals and Life Sciences industry
Operational efficiency was neglected owing to huge returns. However the same business model cannot be continued. There is need to put cost control measures. The processes efficiency needs to be improved. The areas of concern are:
Some pharmaceutical companies have in-house R&D. But many pharmaceutical companies have outsourced R&D to third parties to control costs. This has resulted in many collaborations and partnerships. The challenge is smooth information flow from one entity to another.
There is need to reach to release the product as soon as possible. An efficient supply chain will ensure that response to customer’s demand is faster. If the complete process is streamlined, it will result directly in low inventory.
The government regulations are becoming more and stiffer. There is strict screening process for quality and effectiveness.
By their very nature, medical equipment’s take long time to develop. There is need to shorten their development cycle and bring it to market as soon as possible.
AswiniTech provide whole array of solutions for pharmaceutical and life sciences industry. We provide solution which lets clear and transparent flow of information. We integrate system software’s with different entities so that vital information becomes accessible to the decision makers.
sap business one for Pharmaceutical & Life Sciences