Improving inefficiencies in a pharma R&D setting is at the top of everyone’s mind because of the emphasis on cost cutting activities, evolving processes, and maintaining regulatory standards. Within the nature of the pharma industry, there is an additional emphasis on mitigating risk and driving operational efficiencies.
When looking specifically at operational efficiencies, it can be hard to gain momentum of focus on continuous improvement and process optimization. As a result, the need to focus on improving operational efficiencies puts a lot of stress on an overall organization. As mentioned in Nature, “…the number of new drugs approved per billion US dollars spent on R&D has halved roughly every 9 years since 1950, falling around 80-fold in inflation-adjusted terms.” Whether it be an evolving market or lack of processes, there are many aspects of this problem with a variety of different solutions to help combat this problem. One main solution that can fuel efficiency within a pharma process is to outsource your supply chain; as mentioned on our 6 Benefits to Outsourcing Your Supply Chain blog post. The benefits of outsourcing are many, but the main value is that it allows the customer to focus on its core competencies.