Once pharmaceutical companies file a patent for a new drug, the clock starts ticking. The faster manufacturers can complete the research, development, testing and approvals process and bring a new drug to market, the more time they have to capture revenue before the patent expires and competition from generics erodes margins.
Traditionally, companies relied primarily on in-house resources to execute the process. Over the past few years, increased competition and advances in technology have spurred pharmaceutical firms to embrace a different approach – collaborating with external partners. By turning to clinical research organisations, investigators, laboratories, academic institutions, and others with specific areas of expertise, manufacturers can drive the process while focusing on what they do best. As a result, the enterprise becomes less bloated, best-of-breed partners deliver cost and operational efficiencies, and time-to-market drops.
The collaborative business model offers significant benefits, but presents challenges as well. True collaboration requires more than a collaboration tool that allows partners to share documents and data. Partners also may need access to one another’s systems and applications, which may be hosted in-house or in the Cloud.
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