Life Sciences Consulting – One Hassle-Free Way to Ignite Competitiveness
It is not surprising to see a multitude of pharmaceutical companies more interested than ever in finding out what changes can be implemented in their organizations in order to bring competitive advantages to carry them through the expected lean times ahead. Life sciences consultancy companies have been around for a very long time, but never before have had they had such demand for their services.
This is happening with good reason. Pharmaceutical and biopharmaceutical research, development, manufacturing, and marketing have long been known to be high-margin businesses due to the protection that patents and trade secret laws afforded. Every time a new drug is developed, the developer could count on at least 10 years’ worth of patent protection and five years before any competitor could develop an alternative to the new drug. These days, with patents on some of the most profitable and high-volume drugs ever developed expiring or expired, and little in the way of new products coming down the pipe, the pharmaceutical industry braces for some lean times. In addition, public perception about drug companies and the way they operate is currently negative due to unrelenting bad coverage of drug recalls, drug prices compared to other countries and markets, and controversy in general over competition within the U.S. pharmaceutical market. This public perception is likely to blow on the political sails of those looking at legislation to reduce industry protections. Life sciences consultancy firms are following this very closely, as such a development would affect every industry participant.
Today, it takes a relatively short period of time for a competing drug to be developed after a new one hits the market; and additional competition from foreign generic and non-generic drugs is also likely.; In addition there is very strong pressure for universal healthcare coverage that will likely bring important changes in the way pharmaceuticals are priced and marketed.
But changes aren’t just coming in the commercial arena. Manufacturing accounts for about 36% of drug costs, according to some figures. Efficiencies in manufacturing had not been sought out much by pharmaceutical companies, mostly because high margins and tough regulatory validation tests left manufacturers without incentives to try new things. The same techniques and studies that have brought high efficiencies and resulting competitiveness in the auto industry, for example, are now being applied in the drug industry, and the LEAN methodologies are producing the same savings in cost of goods.
Life sciences consultancy is therefore likely to be a very busy field of endeavor in the next few years. The current economic and political environment is very conducive to deep transformations in the pharmaceutical industry and its main consumer: the healthcare industry.
Having operated within the described environment of high profits and elevated protections, most of the pharmaceutical industry is unprepared for what’s coming. The expertise derived from both the U.S. pharmaceutical industry and the close study and application of techniques in other markets and disciplines, makes life sciences consultancy firms excellent value providers to pharmaceutical companies both large and small that need preparation for the new realities facing their industry. Having been dormant through the quality and efficiency revolution that transformed many other industries, the pharmaceutical industry has maintained excellent operations to surpass expectations, but is now faced with the need to do not only that but also minimize costs and inefficiencies and maximize competitive advantages.
Whether it’s research and development, staffing, manufacturing, regulatory, M&A, marketing, product launch, or any other area your company seeks to streamline and gain competitiveness in, Smart Consulting Group has the accumulated knowledge base and experience to analyze your situation and offer you value-added propositions that can achieve your specific objectives.
Browse though our site and see why our Group has the perfect combination of industry expertise and academic backgrounds that will surely yield the most beneficial results in the area of improvement you may currently be targeting.
If you are seeking life sciences consultancy to help you with a specific issue within your firm, or if you require a full assessment to determine where your firm could find areas of cost reduction opportunity, then we encourage you to contact a true professional and experienced group, get in touch with us.