PROJECT MANAGEMENT AND ITS ADVANTAGES IN PHARMA INDUSTRY- SHORT COMMUNICATION
AishwaryaKoka, Umamaheswara Rao.
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Keywords: -
Abstract

In global business portfolio pharmaceutical industry owes a significant position,according to new statistics thisprescription of drugs will grow from $950 billion to $1.2 trillion in 2016. Further healthcare has become one of the key priorities of world health sector.

Article Information

Identifiers and Pagination:
Year:2015
Volume:7
First Page:9
Last Page:12
Publisher Id:19204159.7:1.2015
Article History:
Received:November 10, 2014
Accepted:November 24,2014
Collection year:2015
First Published:January 1, 2015

In global business portfolio pharmaceutical industry owes a significant position,according to new statistics thisprescription of drugs will grow from $950 billion to $1.2 trillion in 2016. Further healthcare has become one of the key priorities of world health sector. The real time metrics are represented in below graphs.1

The total mix of global spending on medicines will shift toward generics over the next five years, rising from 27% to 36% of the total by 2017, even as brands will continue to account for more than two thirds of spending in developed markets.

The use of generics will be at its highest in pharmerging markets where 63% of the spending will go to generic products. Traditional pharmaceuticals typically used to treat chronic diseases in primary care will increasingly be dispensed as generics and as results total spending will only rise 5 % by 2017 in developed countries.

Special medicines used for conditions that require complex treatment and usually command higher prices will be the biggest driver of branded drug spend growth and most apparent in developed markets where spending in expected to increase by 30% over next five years.2

Table 1. protection expiry year in five developed countries during 2012-16. 3

By holding this real time data in mind global pharma players are in the lookout for new alternate techniques to optimize the development life cycle. The course of NCE drug development and its kinetics towards pharmacological effect on humans is unpredictable and therefore it is critical to have a realistic expectation which can then be followed with generic players but here the inherent problems associated with development are predictable.

 In both the development life cycles, there will be a standard set of procedures to deal with, which can completely help to bring down the time associated with development process.

Project management, then, is the application of knowledge, skills and techniques to execute projects effectively and efficiently.3Project management is one of the toolset which squeezes the entire product development procedure, from initiation to closing. It plans the entire R&D process where it executes monitors and evaluates the results.At the same time it optimizes the scope in to definite timelines which gives complete activities related to specific milestone. Project management effectively manages the time with proper control on resources in real time and brings the cross functional team members together to achieve common goal which significantly helps to drive the project in a smoother way to pull off and objectives. 

Hence project management is widely being introduced into the Pharma field as it is not only forming an interface in the sector but is also gaining recognition as one of most important tools required to run the project activities to definite finish. Project management is gaining popularity widely for the diverse fields it gets associated with not limiting itself to formulation, analytical, clinical, bioanalytical but also paving ways in paths associated with supply chain management, finance, client interactions, marketing strategies, business aspects etc. In short, a project manager is the owner of a project dealing with every major and minor detail associated with it.

In conclusion the expansion of project management principles and practitioners within pharmaceutical industries will significantly help to bring down the development life cycle of drugs. Project management should be viewed as a tool that helps organizations to execute designated projects effectively and efficiently. By this fascinated advantages it also creates an ample collection of jobs to pharma graduates.

References

1.       Matthew Herper, http://www.forbes.com/sites/matthewherper/2012/07/12/the-global-drug-market-will-swell-to-1-2-trillion-while-big-pharma-treads-water/

2.       MurrayAitken,http://www.imshealth.com/portal/site/imshealth/menuitem.762a961826aad98f53c753c71ad8c22a/?vgnextoid=9f819e464e832410VgnVCM10000076192ca2RCRD&vgnextchannel=736de5fda6370410VgnVCM10000076192ca2RCRD&vgnextfmt=default

3.       http://www.pmi.org/About-Us/About-Us-What-is-Project-Management.aspx


© 2016 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license. You are free to: Share — copy and redistribute the material in any medium or format Adapt — remix, transform, and build upon the material for any purpose, even commercially. The licensor cannot revoke these freedoms as long as you follow the license terms. Under the following terms: Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. No additional restrictions You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits
Editor in Chief
Prof. Dr. Cornelia M. Keck (Philipps-Universität Marburg)
Marburg, Germany

Bibliography

Welcome to the research group of Prof. Dr. Cornelia M. Keck in Marburg. Cornelia M. Keck is a pharmacist and obtained her PhD in 2006 from the Freie Universität (FU) in Berlin. In 2009 she was appointed as Adjunct Professor for Pharmaceutical and Nutritional Nanotechnology at the University Putra Malaysia (UPM) and in 2011 she obtained her Venia legendi (Habilitation) at the Freie Universität Berlin and was appointed as a Professor for Pharmacology and Pharmaceutics at the University of Applied Sciences Kaiserslautern. Since 2016 she is Professor of Pharmaceutics and Biopharmaceutics at the Philipps-Universität Marburg. Her field of research is the development and characterization of innovative nanocarriers for improved delivery of poorly soluble actives for healthcare and cosmetics. Prof. Keck is executive board member of the German Association of Nanotechnology (Deutscher Verband Nanotechnologie), Vize-chairman of the unit „Dermocosmetics“ at the German Society of Dermopharmacy, active member in many pharmaceutical societies and member of the BfR Committee for Cosmetics at the Federal Institute for Risk Assessment (BfR).

Journal Highlights
Abbreviation: J App Pharm
doi: http://dx.doi.org/10.21065/19204159
Frequency: Annual 
Current Volume: 9 (2017)
Next scheduled volume: December, 2018 (Volume 10)
Back volumes: 1-9
Starting year: 2009
Nature: Online 
Submission: Online  
Language: English

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