By Patrick McMahon, Fast Trak Bridge Manufacturing Services Operations Leader, GE and Sven Frie, Modality Leader, Enterprise Solutions EMEA & Asia, GE
In the business world, the mantra “fail fast” is often used to describe an approach where success can be achieved by knowing what to do and when to do it. In that model, risk takers have to be willing to embrace their failures, as a way to determine the path forward quickly. However, applying this model in the pharmaceutical industry can be far too costly when it comes to achieving first-to-market goals. Any delays that slow progress, impact a company’s bottom line, or have regulatory ramifications are going to result in projects that may not make it to market before any competitors’ products, if at all.
Therefore, rather than failing fast, you must figure out a way to succeed as quickly as possible. This requires a comprehensive assessment of your company and its capabilities. In some cases, you may find your company has the in-house resources necessary to do it on your own. In others, though, achieving your goals could require tapping into external expertise that helps save time and gain speed to market.
By checking the pulse of your organization first, it is possible to identify any gaps and develop a plan for how to address them, so you can make the right decisions at the right time. Knowing which path is best for your company and choosing the right partner (when necessary) mitigates risk and accelerates outcomes, moving you faster and further in this highly competitive environment.