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These days, pharmaceutical and biotech companies must focus more and more on research and development (R&D) efficiency, as growth in the sector has dropped substantially. A stunning 90% of all medicines under development fail before they reach market. As a result, pharmaceutical and biotech companies must find new and innovative ways to lower development costs per cycle for improved growth.
VRI helps companies lower operating costs while improving operational efficiency through a tried-and-true Lean Six Sigma management strategy. Companies employing this approach are leaner and more efficient in using resources and addressing quality control and regulatory compliance. A significant boost to overall operational efficiency is the result.
The benefits of Lean Six Sigma practices in pharma and biotech industries are numerous, and an increasing number of companies in this sector are implementing Lean Six Sigma initiatives to lower their operational costs while still providing high-quality products to customers.
Using data collection and root cause analysis while combining traditional Lean methodology with Six Sigma tools can significantly benefit a company, helping conserve resources, improve quality, enhance regulation compliance, and increase operational efficiency. Additionally, using statistically-based tools to highlight inefficiencies and generate zero error, Lean Six Sigma may compensate for product flaws and case-by-case variations. Furthermore, a product developed with variation processing in mind can help support more correct usage.
With VRI’s Lean Six Sigma approach, process mapping can be combined with cycle time reduction, shortening the timeframe from discovery through clinical trials for pharmaceutical products, potentially helping firms reach their goals of being first to market. A reduction in development costs can more than compensate for the capital spent on R&D, maximizing output while driving innovation. The leaner manufacturing procedures developed during this process can also provide benefits downstream, including increasing revenue per product launch, which may help offset R&D costs.
Another benefit of Lean Six Sigma implementation is the reduction of product error. This is especially valuable in pharmaceutical and biotech R&D, as biological systems frequently contain variations that must be considered and quantified. Small changes in input or product use caused by common cause variation or abnormal special cause variation can lead to significant differences in output. This overall boost in productivity helps companies develop more drugs while maintaining a lean efficiency.
Interested in learning more about introducing a Lean Six Sigma management strategy to your operations?
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