Good project management practice ensures smooth overseeing of the project which is most important in the pharmaceutical industry. The best way that a pharmaceutical company can ensure success is to launch a new product into the market quickly and taking into consideration all the safety and regulatory measures complying with global standards.
Key decision-makers recognize the importance and impact that a well-trained and skilled project manager has on the organization. In the pharmaceutical industry, PMP training is crucial as its proper application would prevent the project to be late, over-budgeted, or exceedingly costly for the organization.
A proficient project management team led by an experienced project manager will establish a proper communication, activity, and time plan with various pharmaceutical stakeholders to deliver the results. Effective project management makes sure the resources are managed and organized in a way that project completion is achieved within the defined time, scope, quality, and budget.
The uncertainties and complexities in the pharma industry hold plenty of challenges for the project manager. Project management in the pharma industry encompasses project planning, monitoring, budgeting, executing with managing the scope of the project which will be covered in the 10 knowledge areas given by PMI, USA. The Core Knowledge areas are:
- Project Integration Management: For effective co-ordination between various project elements
- Project Scope Management : To ensure only the required work is included
- Project Schedule Management : To manage the project duration and milestones
- Project Cost Management : To identify the resources and keep the budget under control
- Project Quality Management : To ensure that all the Quality requirements are met
- Project Human Resource Management : To develop and employ the project professional effectively and keep them motivated
- Project Communication Management : To manage internal and external communications with efficiency
- Project Risk Management : To identify, analyse, and mitigate the potential risk
- Project Procurement Management : To obtain resources and manage contracts
- Project Stakeholder Management : To identify individual, people, groups and organizations that would impact or are impacted by the project