Do you think that project management tool for pharmaceutical industries are critical to strategy execution?
Yes! No! May Be! Not Sure!
Let’s cut the chase!
Here are a few buzzer questions!
But it is important that you reflect upon them sincerely.
- How is your COVID-19 Vaccine project coming along?
- How seamless and predictable are your business processes in this journey?
- How confident are you to be the first to develop and launch the vaccine?
- Do you expect COVID-19 Vaccine to be your ‘cash-cow’ for the next few years?
The global society continues to see the COVID-19 as one of the biggest events to have impacted life around them. The observation, ‘what is one man’s food is another man’s poison’ seems to be so true even in the case of COVID-19!
For sure, almost all pharmaceutical companies worth their salt (and may be new ones too!), are currently working 24/7 to zip through the checkered flag in areas including clinical research, vaccine development, managing supply chain partners, testing the vaccine, regulatory compliance, dossier management, gaining drug approval, bulk manufacturing, marketing, distribution, and finally market launch.
And why not?
While the global market for the COVID-19 vaccine seems to be a well-guarded secret, guesses put this number to at least a few billion dollars! The demand for the vaccine is expected to last a few years…conservatively speaking!
On top of it, according to research, the overall vaccines market is likely to top US $ 105 billion with 10.7% CAGR between 2020 and 2027.
So, what do you think you need, to win this race?
Whichever company is going to make it to the top must have their ‘complete house’ in order – not just flashes of excellence in pockets, be it research, supply chain, clinical trials, manufacturing capability, or marketing might. In two words, great leadership supported flawless execution. Most organizations struggle getting the execution right.
And your ‘systems’ shall play a significant role in this once-in-a-lifetime opportunity!
What is the implication?
Being a closely regulated industry, pharma companies don’t have much choice but to manage such mission critical and strategic projects in an integrated manner.
What if we continue with our existing applications that are ‘stand-alone’?
We will not explain – rather, we want you to close your eyes and just imagine! Operating on multiple applications, what would your level of confidence be – from planning for scope, timelines, cost, risks, supply chain to documentation, and then being able to put all the pieces together akin to a jigsaw puzzle. By the way, a COVID-19 Vaccine project is no kids’ stuff!
So, what do pharma companies need?
Are you wondering – why not just any other project management tool?
Let us explore the complexity of pharma projects.
- Different teams may have different ideas for COVID-19 Vaccine. Objectively evaluating multiple ideas and deciding capital allocation is a very complex and detailed process.
- Ensuring that you maintain the seamlessness from project approval to project planning and execution is critical to continuously evaluate and review project business case.
- Configuring business processes that are unique to COVID-19 Vaccine project.
- Getting diverse functional teams to collaborate effortlessly is not a given.
- Focusing that the project risk triggers are proactively managed.
- Creating and maintaining the plethora of documentation and supporting details and cross-references – in an impeccable and structured manner that satisfies the US FDA authorities takes the cake!
- Closely tracking timelines and actual costs is critical for project profitability.
- Seeking a consolidated view of the project – of data across multiple software applications and present and converting them to insights to offer – ‘one version of your pharma project truth.’
- Predictive analytics is crucial for the leadership team to drive strategic decisions – proactively.
Without an integrated pharma project management tool, do you even visualize the pain and struggles that you would go through to deliver strategic projects like the COVID-19 Vaccine?
You may be even shocked if you were to put a dollar value to the ‘non-value adding’ resources, effort, and the associated frustration that stakeholders may experience! Such a situation leads to team defocus and even demotivation.
You may have heard that ‘ends’ are more important than the ‘means.’
In this case:
Your ‘means’ – a pharma project management tool may deprive you of the ‘ends’ – a potential cash-cow.
Your next and the most probable question may be – what options are at my disposal?
Well, in today’s scenario, there are products and services that cater to different customer segments and specific requirements. On similar lines, there are numerous pharma project management tools.
The evaluation and selection of such a pharma project management tool should consider –
- Project management basics – managing requirements/scope, schedule, resources, and cost.
- Capabilities for new project evaluation, selection, and funding.
- Functionalities to integrate existing enterprise applications – ERPs, Dossier Management, and others.
- Today’s need for stakeholder collaboration via social and mobile platforms.
- Configurability of business processes ‘specific’ to your organization and industry.
We at ProductDossier bring project management passion to our digital solution called TouchBase®.
TouchBase® is designed to significantly enhance your organizational pharmaceutical project management maturity to greater glory.
We invite you to be part of this digital journey!