Challenges within BioProduction keep increasing as the industry is evolving and the competitive landscape is growing. Whether it be biologics or biosimilars, this highly regulated industry has a constraint that can decrease productivity, take on more risk, and increase costs.
Limiting Capacity: With scaling up to production or the need to meet industry demand, there is a necessity for adequate storage space for raw materials. Many companies experience space constraints, which can overall result in inefficiencies. Therefore it has a huge impact our a company’s ability to focus on getting scaling up or getting a finished product out the door.
Many organizations have this pain point, yet don’t have a strategy to solve this challenge. With this problem there are usually 3 options an organization can take:
- Build your own facility: This first option is promising because of the control and ownership that you would have over your additional warehouse space. However, the costs and challenges come with this option. First you got to be able to front this investment that has a pretty hefty dollar sign, while also having a lot of risk due to strict regulations. Not to mention once you have this multi-million dollar facility up and running, it’s still costly to main plus you need to have the adequate personal to maintain it.
- Outsource your supply chain management: Many people see outsourcing as just another expensive option as building your own facility. In fact, it’s the opposite. As mentioned on our 6 Benefits to Outsourcing Your Supply Chain, there is even more value to this then just managing and reducing costs. The important factor is finding a partner that is the right fit for your company’s needs.
- Stick with status quo: The least preferable option is do nothing at all and hope that things will get better or more people will be hired to help out. This approach is bad for business and will do nothing but leave you with an awful headache.
Spending your energy and building a solid strategy to solve through the first two options will allow you to instantly reap the benefits of increased productivity and mitigated risk, while solving your storage space challenges.