This research paper reviews project management in the pharmaceutical industry. Key pharmaceutical decision-makers recognize the impact that project management has on their companies’ bottom lines. However, tight production schedules prevent many companies from finding the time to dedicate to Project Management expansion and training. This is one of the challenges in project management in the pharmaceutical industry. Project management has tremendous value when effectively implemented. It increases the success of the delivery of a product or service. This necessitates the need for establishing a project management office (PMO). It is a group or department within an organization that sets, maintains, and ensures standards for project management. A PMO is the keeper of best practices, project status, and direction.
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CHALLENGES IN THE PHARMACEUTICAL INDUSTRY
The challenges in project management in the pharmaceutical industry involve several areas. They include scope management, project planning, execution, and monitoring, among others. With added uncertainties from the process of scientific research, project management in the pharmaceutical industry becomes more challenging. Challenges underlie other aspects such as stakeholder management, management of regulatory and compliance strategies, and environmental safety of project management. The interdependencies between these elements become the primary reason for establishing a project management office (PMO). Recently, more industries are moving toward matrix organization. In a matrix organization, there are four key players in project management. They include project managers, functional managers, upper management, and project team members.
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PROCESS OF PROJECT MANAGEMENT IN A PROJECT MANAGEMENT OFFICE
After establishing a project management office (PMO), the process considers six elements. They are project definition, project team, and organization, project planning, scheduling, and control. The other three are problem-solving and decision making using proto-type, senior management review and control, and proactive and real-time change management. They help in working through the challenges in project management in the pharmaceutical industry. The first element outlines what is within and not within the project boundaries. It includes the business case and market need, and the technologies to be used to solve that business case. Others include the initiation, selling, and sponsoring of the project. Project management in the pharmaceutical industry is a complex process. The project objectives, therefore, must be S.M.A.R.T- Specific, Measurable, Achievable, Realistic, and Time bounded.
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