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Is Excel Holding You Back?

Posted by David Perritt on Jan 22, 2018 9:26:00 AM

Is Excel a dated method of data crunching that is holding back rather than advancing your company? CFOs from Fortune 500 companies are insisting that staff stop using Excel. What does that mean for the pharmaceutical industry, and why is there push back against the popular spreadsheet software? Finance chiefs say the ubiquitous spreadsheet software that revolutionized accounting in the 1980s cannot kept up with the demands of contemporary corporate finance units. After all, just like hair metal bands, the 80s are long gone and pharmaceutical companies need to advance with the times.

Spreadsheets have been a necessary and advantageous tool in a huge number of industries. Excel has revolutionized accounting and driven decision making, but as business becomes more complex and global, Excel cannot bear the expectations and demands of many companies.

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Topics: Data Management, Cost Analysis, healthcare

Five Tips To Effectively Manage Drug Manufacturing Costs

Posted by David Perritt on Apr 4, 2017 11:40:00 AM

“OUR INDUSTRY IS POISED TO TRANSLATE OUR MOST PROMISING SCIENTIFIC BREAKTHROUGHS INTO MEANINGFUL TREATMENTS CAPABLE OF TACKLING THE MOST URGENT AND VEXING MEDICAL CHALLENGES OF OUR TIMES.  WE STAND COMMITTED TO DRIVING PROGRESS FOR PATIENTS TODAY – AND HOPE FOR TOMORROW.” - KENNETH C. FRAZIER, CHAIRMAN & CEO, MERCK

Inspirational words, and worthwhile goals to aspire to in manufacturing drugs to improve the lives of countless people.Somewhere in between the idea and the bottle of pills on the shelf, there is the process of manufacturing drugs and the costs associated with that endeavor.  With the increased scrutiny of the public in regards to the cost of drugs, keeping the cost of manufacturing controlled is more important than ever before.

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Topics: Pharma Pricing, Cost Analysis

Determination and Management of Should Cost

Posted by Shelly James on Mar 6, 2017 11:35:00 AM

“As global competition becomes a hot priority for top management in many companies, there is going to be a scramble to lower prices at any cost.” - Supply Chain Quarterly

Global competition is a powerful driving force in the biotech and pharmaceutical industries, as complexities continue to rise and adjustments to the way we do business need to be met.  Remaining competitive in the rapidly changing global landscape requires companies to reconsider inflexible, outdated and inefficient models of pricing.

Prescription drugs often provide effective alternatives to expensive medical procedures and hospital stays. Consequently, spending on prescription drugs as a percentage of the total national health care spending is increasing and is one of the fastest growing components of health care spending.  The cost of bringing a new drug to the marketplace has also been steadily increasing, with manufacturing costs comprising a substantial part of the total cost structure.

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Topics: Cost Analysis