Challenges due to regulations as well as scientific principles have made it harder for the pharmaceutical industry to introduce new drugs into the market. Regulatory agencies in the United States and Europe have become more strict with the drugs approved, approving less and less each year. If you are a project manager in the pharmaceutical Industry, your job is a lot harder than it used to be. There are ways to deal with these challenges and they are discussed here and should be implemented before you begin a new project.
- In the past two decades the pharmaceutical industry has seen the rise of generics and the continued stringency of drug regulation remain consistent, while technological innovation has surged.
- Scientific and regulatory shifts mean that new drugs face an ever-decreasing chance of ever getting to market at all.
- 2016 saw the approval of only 22% of proffered new drugs, which was down from 50% the year before.
“Elevating the project management function can improve transparency and enable companies to react faster to internal and external change.”