INTEGRATION OF PROJECT-PRODUCT LIFECYCLE IN PHARMACEUTICAL INDUSTRY

Abstract

One meaningful and holistic approach to today’s current challenges within the pharmaceutical industry is to focus on Product Lifecycle Management (PLM). PLM has provided many pharmaceutical organizations with the ability to get products to market quicker, ensure greater regulatory compliance and efficiencies while reducing development costs. A product life cycle is a conceptual map of - where a product's sales are and where they may be headed. However, it has no comment on what to do with the product. If a company believes its product is entering the decline phase, it will probably create a plan to either rejuvenate the product or cease production, but that is not inherent in the product life cycle. Thus, comes the concept of project life cycle (PLC), which is all about action. A project life cycle maps out the steps needed to complete a project with specific targeted results. Although these two lifecycles are talked about separately but if integrated can be of greater use to an organization.