PROJECT budget and poor execution of these projects

PROJECT budget and poor execution of these projects

PROJECT MANAGEMENT IN BIOTECHNOLOGY AND PHARMACEUTICAL INDUSTRY In today’s competitive world, if an idea is not converted into product in time then the idea will never be successful.

What makes an idea successful? A well executed Idea or thought is a successful Idea. The process of execution of an idea from its inception into a final product is called project management. Project management is one of the hot career options with the growing competition.Project management involves planning, organizing, securing, and managing resources to meet specific goals. Project management in simple words is like conducting a musical orchestra, wherein a project manager is the conductor responsible for the overall performance of the orchestra. Project manager looks at all aspects of projects whereas any other business manager oversees only a specific functional business area only. Biotechnology and pharmaceutical companies are the one who constantly face challenges in course of developing new pharmaceutical products.

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Most drug development processes face planning problems and there are delays in development, unforeseen activities, cost overruns and losses as a result of high turn-overs. All of these are due to poor handling of projects by the managers who have no or very little formal training in dealing with complex nature of today’s projects. The problem is more common in most of today’s rising biotechnology companies. In biotechnology companies scientists are made to switch role from science to management, which they have no knowledge of.When an individual is asked to do what he/she is not good at it results in poor performance outcomes. Pharmaceutical and biotechnology projects are often heavy on budget and poor execution of these projects can result in heavy loss to the companies.

For these reasons it no surprise that project management is making its way into these industries. Projects managers, nowadays, are becoming most sought after professionals in larger biotechnology and pharmaceutical companies. It is only matter of time when large companies will start to realize the importance of good project manager.Recently, more and more pharmaceutical companies have started to center their concentration on one of the most easy, cost-effective ways to improve their processes and speed product development, particularly the clinical trial phase: improved project management. As per the findings of a recent study conducted by the centre of business practices (CBP), 45 percent of organizations under study have implemented centers of excellence for project managers and project management.

Companies spent an average of $676,000 per year on project management improvement initiatives, for an approximate return on investment of 28 percent.Project management provides structure and focus from the initial stages of product development to their successful launch and commercialization in the market. Project management in pharmaceutical companies limits itself to one project and concentrates on the following: * Setting project goals * Implementing strategic plans * Increasing productivity and efficiency of staff * Establishing measures of success * Quantifying value corresponding with cost * Using organizational resources to its maximum potential * Incorporating quality principles * Overcoming technical challenges Standardizing routine tasks – for example, formulating standard operating procedures and reducing the number of tasks that could potentially be forgotten * Making sure that available resources are used in the most effective and efficient manner * Planning and executing for clinical evaluation * Managing communications * Keeping senior management updated with “what is happening” and “where things are going” within their organization * Reducing overheads * Successfully scaling up the drug from discovery to market introduction * Ensuring fast time to market.

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