The pharmaceutical industry is on its toe since the beginning of the pandemic. It has been working relentlessly to meet the global demand in these tough times. Apart from that, several organizations have also been working on producing the vaccine. Hence, in meeting the global health challenge, the role of the pharmaceutical industry is of prime importance.
However, just like other industries, the pharma industry is also facing challenges. We at Faber Infinite have identified five major challenges that this industry is facing and have been working on the same for more than a decade. Below mentioned are the 5 top challenges along with the results delivered by Team Faber Infinite to overcome the challenges at the client site:
1. Less Throughput
Throughput is the speed at which the product is produced and delivered to the client. The industry has not yet been able to achieve the fullest of its throughput capacity. Many organizations are struggling to increase their throughput. Due to less throughput, organizations are unable to deliver the orders on time – in full. This in turn leads to lower revenues.
Team Faber Infinite has been working with clients from the pharma industry to resolve this issue. We have successfully improved the throughput rate by an average of 30% via our unique and proven Organisational Transformation Framework.
2. Low Manpower Productivity
Low manpower productivity is one of the challenges that is faced by almost all industries. Especially in the current scenario where labor availability is an issue. In the pharma industry, having higher manpower productivity is the need of the hour. Manpower productivity can play a key role in achieving time in full deliveries along with the desired throughput.
Team Faber Infinite has successfully delivered as high as 40% improvement in manpower productivity via classical Time & Motion Study at different clients from the pharma industry. These results can be delivered to your organization as well.
3. High Cleaning / Changeover Time
Anyone from the manufacturing domain would know the changeover time consumes a lot of productive hours of the organization. Employees are busy fixing the machines more than working on production operations.
Hence, it is very important to save those productive hours which can turn into profitable hours. Team Faber Infinite has reduced the changeover time by 30%-40% at client sites. We have helped them convert their unproductive hours into profitable hours.
4. High Inventory Carrying Cost
Inventories block a huge amount of cash. If not used efficiently, this cash can turn into a liability. Most of the organization’s overstock in the fear of running out of inventory. As a result, they end up having high capital stuck in the inventory.
It is very important to reduce the inventory carrying cost and optimize the same across the entire value chain. Team Faber Infinite Consulting has reduced the inventory carrying cost by 20%-30% at many of our client sites. The proven PFEP model for inventory management by Faber Infinite Consulting can be used to rewire the existing ERP without many hassles, to reap the benefits.
5. Low Yield Material
Readers from the pharma industry would know how difficult it is to improve the material yield. Team Faber Infinite has been instrumental in improving the material yield by as high as 10% at different client sites.
With our customized solutions within the GMP and regulatory frameworks, pharmaceutical manufacturing organizations have been able to overcome these challenges via the Organizational Transformation Framework by Faber Infinite Consulting. Contact us to know how the improvement journey can be accelerated for your organization as well.
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Written & Compiled by Faber Mayuri & Faber Priyal