While you’d be hard pressed to find someone that doesn’t want to make drugs more affordable.
This question still remains unanswered…
“How can we realistically lower the cost of pharmaceutical drugs (without setting artificial prices)?”
Maybe it’s possible for pharmaceutical manufacturers to save (if they’re not already) by…
Optimizing supply chain management…
Or by implementing green chemistry and sustainable practices…
But when taking into consideration that these pharmaceutical operations are spending between $314 million to $4.46 billion on Research and Development for each new drug…
And a recent study showed those costs are only going up with a 15% increase in the average cost of R&D last year.
In comparison, these cost reductions will be negligible and might cut costs by 1 or 2%, if that.
Is a 1-2% cost reduction going to make any difference for the people actually buying and using these drugs?
Probably not.
That’s far from the answer anybody wants when they’re asking for greater affordability.
The real question is how can we lower the cost of drugs by 25%?
Without sacrificing quality or accessibility…
To that question, Phizzle has an answer based on real customer and industry data.
The only way to reduce the cost of manufacturing drugs by 25%...
Is by lowering or eliminating the “hidden costs” that are still plaguing pharma manufacturing.
Many of these costs are still associated with using pen and paper when most corporate functions have fully digitized their business processes.
By simply focusing on these three savings levers…
1. Efficiencies
We eliminate paper based documentation and second person review creating a 40% boost in productivity with lab techs operating your air particle counters…
By enabling remote sampling and fully automating data collection.
Regardless of the air particle counter you use for environmental monitoring.
Doesn’t matter if you have Aerotrak, Metone, Lighthouse, or Climet air particle counters…
Or even a mix of different air particle counters.
2. Avoidance
Our end-to-end digital workflow that reduces failure report occurrence by 60%.
By minimizing or eliminating the human error associated with data integrity.
3. Risk Mitigation.
Our 21 CFR Part 11 Compliant Software reduces the occurrence of FDA Audits by 50%.
With the seamless electronic signature and review processes that are built into Digital Air.
If you want to see how much your manufacturing operation can save by focusing on these three levers, Click Here.
Sources
Aylin Sertkaya, P. (2024, June 28). Costs of drug development and research and development intensity in the US. JAMA Network Open. https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2820562
Philippidis, A. (2023, December 26). The unbearable cost of drug development: Deloitte Report shows 15% jump in R&D to $2.3 billion. GEN. https://www.genengnews.com/gen-edge/the-unbearable-cost-of-drug-development-deloitte-report-shows-15-jump-in-rd-to-2-3-billion/
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