Recently, Quanta has found that there have been many reports and other publications that have been trying to discuss the issue of the challenges being faced by the bio-tech and pharmaceutical industry. By and large, many experts and researchers of the topic have all agreed that the costs of production is one of the key challenges, which the industry is currently facing. These production costs are not only to do with finance, but they also involve the costs the environment incurs as a result of bio-tech and pharmaceutical production techniques.
Many top bio-tech and pharmaceutical companies have now began to take in to full account the negative externalities, which their production processes impose on the environment. The good news about the whole issue of challenges within the industry is that there is solution. Bio-tech and pharmaceutical firms believe that the key to solving these challenges lies in the formation of partnerships.
Furthermore, experts within the industry have suggested that an extensive international alliance of bio-tech and pharmaceutical companies is necessary if the industry is going to overcome its challenges. As time goes on, this argument becomes an increasingly pertinent one. The fact is that the cost of introducing a new drug from when it was first discovered to when it is made available for market consumption is rather immense. This scenario is true even for many of the world's top multinational bio-tech and pharmaceutical companies. The belief is that alliances will help alleviate and reduce many of these production costs. At this junction, it is also worth mentioning that many bio-tech and pharmaceutical companies are now cross leveraging their primary competencies across international boundaries.
These companies are beginning to realize the cost-saving benefits which they could obtain from not previously explored markets. For the industry as a whole to overcome its challenges, it will have to make the most of those markets that can offer lower production costs and economies of scale. Without a doubt, having to always come up with new innovations and drugs is the greatest challenge that the bio-tech and pharmaceutical industry will face. Perhaps this is a challenge which the industry will never overcome. The industry should be able to adequately face this challenge as long as companies keep their pipeline flowing with ideas. Environmental regulation and continuous investment in improving techniques and infrastructure is also necessary for the industry.
Stephen Trigg is the CEO of Quanta Consultancy Services, the leader provider of Recruitment consultancy.