In the VUCA world that we live in, resilience is key for organizations
Now more than ever, industries post covid have realized the need to reinvent themselves to prepare for a ‘normal’ that is ever-changing, and the Pharma industry has been no exception. In fact, pharma has the dual challenge of securing its tomorrow and ensuring a constant supply of medicines. The consistent (and higher in some cases) demand for drugs means that pharma must double down on reinforcing steps to continue to stay strong as an industry. With India being touted as the pharmacy of the world, the stakes are high. Indian pharma is now at a juncture where building resilience is the best strategy to stay on top.
New Normal, Next Normal, and Resilient Tomorrow
In the VUCA world that we live in, resilience is key for organizations. VUCA stands for volatility, Uncertainty, Complexity, and Ambiguity. These factors, if not in another situation, have been brought to the forefront as a stark reality by Covid-19. The good news is that the pandemic has been evidence of the fact that many companies who had relied on their farsightedness and went through digital transformation earlier, stood much ahead of the rest.
[box type=”info” align=”” class=”” width=””]The discussion around the new normal and next normal is not sufficient if it does not provide a sustainable, long-term approach. The need of the hour is building a resilient tomorrow powered by technology, tools, and of course, foresightedness. Pharma must Rethink, Rebuild, and Redefine themselves to build resilient organizations.[/box]
Considering strategy would imply that there has been enough space made for organizations to revisit their existing processes. This should give an understanding of the process bottlenecks, data silos, person dependency, and paper dependency throughout the value chain. The end goal is to keep efficiency, compliance, and quality on top of the list of key result areas.
[box type=”info” align=”” class=”” width=””]A strong strategy must be in place taking into consideration 3 key areas – People, Process, and Technology needs. There is no doubt that post-covid strategies are resolutely digitalization-driven. For pharma, the fundamental emphasis must be placed on technology that drives and empowers compliance and quality.[/box]
The key to success lies in identifying bottlenecks and target efficiencies to rebuild the right approach forward. Aligning to deliver quality products quicker with the right people and processes is key. Once the approach and policies are aligned, picking and applying the right systems is an important step.
[box type=”info” align=”” class=”” width=””]Digitalization or Digital Transformation is usually taken up as a strategic initiative in pharma companies. However, picking the right systems is a crucial part of executing the initiatives. The right tools interact with each other and empower teams across departments inclusively. Picking systems like LIMS, QMS, EBR from different vendors may contribute to siloes with no interaction across teams. A better route is to choose a single vendor across systems for integrated quality management (IQM).[/box]
With the right alignment and implementation, the company roadmap will set a perfect stage for success. It would be beneficial to have a look at the company’s priorities and business strategies to attune to the current situation demands. In such a scenario, making sense of the available data will make the entire process of redefining more achievable. Again, technology and robust systems that work across departments will play a significant part here. Take for example, when an organization chooses a system like Caliber Anytime PQR, it saves heavily on people efforts, creates a quicker process, and generates PQR with full compliance – thus addressing people, process, and technology with one step.
The Way Forward – Resilient Digitalization
With digital initiatives and connected enterprise solutions, many Indian Pharma companies are moving ahead. By using smart systems, companies are now clear that more can be achieved with less, under severe restrictions too. The regulatory agencies worldwide also ask for an increase in investment in manufacturing technologies that help manufacturers achieve the best product quality. Digitalization is a crucial step as agreed by industry, but resilient digitalization is key.
[author title=”” image=”http://”] Written by Lalitha S. Kapoor, Brand Head, AVP – Strategy and Business Development[/author]
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members