Pharmaceutical Industry, When a Single Drug Comes into Market?
Pharmaceutical Industry, when a single drug comes into market, can expect to have spent $350 million before the drug is available in the market. In most of the large pharmaceutical companies that are working on dozens of drug projects at once spend $5 billion per new medicine to improve the drug efficacy as it tends to fail several times during drug development.
In today’s world market and competitive pressures require industry to develop and maintain a high level of coherence between the strategy, action and performance. The purpose of the research is to examine dairy food product quality, process focus, equipment reliability and environment compatibility. The USA stands out as the leader in best industry practice but matching and bettering this is open to any country. Like Nigeria manufacturing would improve productivity by identifying and adopting best practices from global manufacturing ensuring companies those remain competitive and sustain growth. For effective integration and application of new technologies, new product development and modern manufacturing system and to have the best of food and beverages, adapt to changes, managers, qualified workers and professionals, research and development as well as technical staff should be provided with adequate training and support. It may lead to best practices. This superior performance is achieved by the continual assessment and improvement.
The basic principle of the best practice thinking is that operations philosophies, concepts and techniques should be driven by the competitive benchmarks and business excellence models to improve an organization’s competitiveness through the development of people, processes and technology. The best practice approach to industry strategy encapsulates the World Class Manufacturing (WCM) philosophy and benchmarking and is based on the assumption that “The continuous improvement of best practice in all areas of the organization will lead to superior performance capability leading to increased competitiveness” (Voss, 1995a). For performance improvement, manufacturing companies must continuously adapt to new performance requirements in terms of quality, innovation, flexibility, speed and cost.
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Journal of Developing Drugs