What is outsourcing in pharmaceutical industry?

Pharmaceutical companies are increasingly outsourcing research activities to academic and private contract research organizations (CROs) as a strategy to stay competitive and flexible in a world of exponentially growing knowledge, increasingly sophisticated technologies and an unstable economic environment.

Why is the pharmaceutical industry important?

Pharmaceutical companies boost the global economy As well as driving medical progress by researching, developing and bringing new medicines that improve health and quality of life for patients around the world, the pharmaceutical industry is a key asset to the global economy.

Why is project portfolio management particularly challenging in the pharmaceutical industry?

Project selection and portfolio management are particularly challenging in the pharmaceutical industry due to the high risk – high stake nature of the drug development process.

Where did the pharmaceutical industry originate?

The modern pharmaceutical industry traces its origin to two sources: apothecaries that moved into wholesale production of drugs such as morphine, quinine, and strychnine in the middle of the 19th century and dye and chemical companies that established research labs and discovered medical applications for their products …

Why do pharma companies outsource manufacturing?

Pharma companies are increasingly outsourcing their functions to reduce expenses. A few services that are gaining popularity among pharma firms include formulation development, analytical and testing services, API manufacturing, clinical trials management and solid dose manufacturing.

Do pharma companies outsource manufacturing?

Already, the percentage of pharmaceutical and biotechnology companies that spend over US$50 million annually on outsourcing more than tripled from 23% in 2012-2014, to 71% for contract manufacturing organisations (CMOs) and development and manufacturing organisations (CDMOs) in 2016.

What is the process of pharmaceutical industry?

Pharmaceutical manufacturing is the process of industrial-scale synthesis of pharmaceutical drugs as part of the pharmaceutical industry. The process of drug manufacturing can be broken down into a series of unit operations, such as milling, granulation, coating, tablet pressing, and others.

What is PMP in pharma?

Plant-Made Pharmaceutical (PMP)

What is the role of project management in pharmaceutical industry?

Pharmaceutical project managers oversee drug development from start to finish. Their general responsibilities overlap with those of project managers in other industries. For instance, they identify any technical requirements, set timelines and budgets, oversee other team members and create reports.

Who is the founder of the pharmaceutical industry?

Originating as a pharmacy founded in Darmstadt in 1668, it was in 1827 that Heinrich Emanuel Merck began the transition towards an industrial and scientific concern, by manufacturing and selling alkaloids.

Which is the first pharmaceutical company in India?

Bengal Chemical & Pharmaceutical Works Ltd.
(BCPL), formerly Bengal Chemical & Pharmaceutical Works Ltd. (BCPW). BCPL is a Public Sector Undertaking. Established in Kolkata, in 1901 by Prafulla Chandra Ray (1861-1944), it is India’s first pharmaceutical company.