With the spectacular four-year bull run of pharmaceutical and biotech valuations from 2011-2015 over, manufacturers understand that their need to adapt is more urgent than ever before. Here, George Walker, managing director of Novotek UK and Ireland, explains how the pharmaceutical industry can increase asset use and improve lifecycles by becoming more flexible.
Flexible manufacturing
A study by McKinsey shows that the market leading pharmaceutical manufacturers are 53% faster at getting product to market than their average competitor. This allows them to produce more than double the quantity of product within the same time frame.
This is due to re-investment in raising production process efficiency, with top producers not only out-producing competitors but also releasing 97% of their products to market without the need of rework.