What are the Challenges Faced by the Life Sciences Industry?
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Life Sciences Review | Tuesday, March 03, 2020
Concerning this increasing global competition, four challenges are facing the life sciences industry at present.
Fremont, CA: The life sciences industry is continuously striving towards the innovation of novel therapies and operational excellence. Despite the stakeholders' pressure and scrutinizing legislative bodies, the industry has witnessed exponential growth in the board's treatment capabilities and health management avenues.
Here are the four significant challenges faced by the life sciences industry.
Efficiency
Organizations are under massive pressure to improve productivity and reduce waste simultaneously. Life Science companies function in a competitive global marketplace being augmented by expiring patents, new product introductions, price pressure from generics, and concern over rising healthcare expenditure.
Modernization, coupled with digital transformation, is one of the biggest challenges today. Better use of data and analytics is required to drive a continual cycle of improvement that enhances production capacity, reduces downtime, improves processes, increases availability and decision making, and eliminates waste.
Flexibility
Stability and meeting the production targets are no longer enough. Time to market is vital, and companies have to be able to react and adapt quickly. The power to respond rapidly to the opportunities and challenges is now a critical success factor in all areas of Life Science activities.
Whether fueled by market dynamics, company strategy, or short-term targets, management demands greater flexibility from operations.
An agile approach is needed to meet production changes, implement new technologies, increase delivery precision, and shortening market time.
Quality
The quality systems need to be established and managed in a way that meets requirements and strengthens operations. Life Science companies operate within a stringent regulatory framework, subject to constant change and strictly controlled by different national and regional authorities.
It is a complex environment where patient safety is paramount. Quality systems need to support GxP guidelines, ensure compliance with regulations, and facilitate regulatory inspections. Being successful requires an integrated and pragmatic risk-management approach that strengthens operations and optimizes the use of resources.
Change
Around 80 percent of change programs fail to meet expectations. Ensuring change delivers sustainable value is today's critical business challenge. Meeting the combined challenge of efficiency, flexibility, and quality requires a change in some form. Implementing change, however, is only half the battle. Ensuring it results in more excellent sustainable value is the real challenge.
Change is seldom a straight journey from A to B. Succeeding with value-driven change requires taking an ongoing, stepwise journey along a winding path. It requires insight and an integrated, flexible approach that combines people, processes, and technology.
See also: Top Life Sciences Technology Companies
