The Proctor and Gamble Case - Preparation:
Highlights captured from the case:
Average of 12-15 years for an
experimental drug to travel from the lab to U.S. patients
Average “out of pocket” cost
associated with new drug development was over $403 million
Each day delayed can be up to 1M
in lost sales.
On average, 1 out of every 1,000
compounds examined “survived” and made it to the FDA
Reflection:
As shareholders of P&G it is imperative that we make money. The path that the company takes should be aligned with the effort to make the most money. The consultants presentation provided on EDC and Clinical trials had compelling arguments for several options. However, with the intent to make money I believe P&G needs to be headed towards utilizing technological innovations to enhance operations. EDC is a route we should undertake. There are some risks, but if management can adhere to great standards we can implement Electronic Data Capture to hopefully bring drugs to market faster. Implementation is the area that I am most worried about as technological blunders can ruin a company. However, not changing with the times and being behind in potential competitive advantages is a heavier risk and ultimately means we should go with EDC. Streamlining operations, reducing third party data entry, and potentially increasing sales by getting to the market quicker are definite items that play to my vote.
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