With the increasing credit squeeze there is an increasing need for bioscience firms to control their operating costs and improve efficiencey.
For an industry that has ridden many waves (peaks and troughs), over the last 25 years, the current economic climate is nothing like the industry has had to experience before.
“The potential shock waves and fall out from this crisis could be terminal for many companies” said Nigel Smart, Managing Partner of Smart Pharmaceutical Consulting.
This is having an increasingly adverse effect on product development as companys scramble to secure investment that will enable them to weather the current storm.
In a recent presentation by Ernst & Young at the PA/NJ BIO conference in Philadelphia in November, it was reported that 38% of biotechnology companies have less than 12 months operating capital. This puts the situation clearly into prospective.
With these factors affecting the prevailing operating landscape, it is more important than ever that firms develop an integrated risk management umbrella for their business operations. What is required is an approach that is both robust and flexible so that the company can develop suitable creative solutions as the challenges to its business change.
According to Nigel Smart, Managing Partner of Smart Pharmaceutical Consulting, “Evaluating business risk has never been more important and under the current climate firms operating without a well developed risk management umbrella are putting the future viability of their business under severe threat.”
Clearly the industry is in need of innovative solutions that will reduce vunerability, increase efficiency, stimulate confidence and strengthen competitiveness.
For bioscience firms there is the added consideration of working in a highly regulated environment where product safety, process/manufacturing qualty compliance and regulatory compliance play key roles in the life and ultimate success of the company.
At Smart Pharmaceutical Consulting these key value drivers are mitigated through an integrated approach of key principles which include:
Lean, Lean Manufacturing, Quality System Compliance and Risk Management.
Through the combined application of these principles, Smart Pharmaceutical Consulting has shown that it is possible to design an approach that can streamline operations and gain a significant competitive advantage whilst reducing costs and conserving precious operating capital.
To partner with us using this approach with your firm, contact us at www.smartconsultinggroup.com