Effective knowledge management (KM) can provide very significant and measurable advantages for enhancing the pharmaceutical innovation, a research suggests.
The pharmaceutical industry has created value primarily by generating, and assembling information into knowledge applicable to human health, explains Elham Elshafie Mohamed of the Business School at King Saud University in Riyadh.
“It is critical to improving research and development (R&D) productivity and reducing product cycle time,” Elham Elshafie Mohamed says in a paper titled “Pharmaceutical Knowledge Management: why does pharmaceutical industry need knowledge management?”
International Journal of Knowledge Management Studies published the paper.
Critical to successful knowledge management in this context is to capture internal knowledge and information in parallel with assimilation from external sources, the paper suggests.
The study found out several important advantages of the adoption of knowledge management techniques in pharmaceutical industry innovation:
• The use of KM can lead to more rapid regulatory approval of new drugs.
• It facilitates fast sharing and distributing knowledge between development and manufacturing.
• It overcomes the problem of limited time to meet demand after start-up.
• It offers greater flexibility in lowering the cost of manufacturing changes compared with other approaches.
• It increases the predictability and reliability of manufacturing output.
• KM also leads to reduced batch failure, final testing, and so reduces expenses.
• It improves R&D productivity and reduces overall cost cycle time.
Mohamed’s conclusions offer researchers and practitioners guidance in understanding how a pharmaceutical company can benefit from building and sustaining innovation through knowledge management.
This report is prepared based on a news release from King Saud University.