The pharmaceutical industry is one of the most heavily regulated industries in the world. And for a good reason—pharmaceuticals are potent drugs that can be lifesaving when used correctly but dangerous when misused.
If you’re thinking of starting a pharmaceutical business, there are a few things you need to know to avoid making common mistakes that could jeopardize the success of your business. Here are the five most common mistakes in running a pharmaceutical firm.
Not Staying Up-To-Date on Regulatory Changes
The FDA’s regulatory landscape is constantly changing, and it can be tough to keep up with the new requirements. However, it’s essential to ensure that you and your team are always up-to-date on the latest changes, as noncompliance can lead to serious penalties—up to and including jail time.
To stay on top of regulatory changes, you should subscribe to the FDA’s email list to always be in the know. You can also hire a legal consultant or advisor to ensure that your business is on the right side of the law.
Remember, ignorance of the law is no excuse, and the FDA takes compliance seriously. So, it’s your responsibility to make sure you’re up-to-date on the latest regulations and procedures.
Failing to Secure Equipment Compatibility and Integration
In the pharmaceutical industry, it’s not enough to simply have the right equipment; you must also ensure that your equipment is compatible and integrated. If not, you could be in for some serious problems down the road.
Make sure to inspect your equipment and test it to ensure that all components are compatible and integrated. If you’re unsure about compatibility, you can always consult a professional who can help you out. Several organizations also set standards, so make sure to research and comply with them as well.
One such standard is from the American Society of Mechanical Engineers: Bioprocessing Equipment (ASME BPE). This standard outlines the requirements for bioprocessing equipment and provides guidance on materials to design. They provide ASME BPE dimensions to ensure that the equipment works properly and avoids problems. By following these guidelines, you can be sure that your equipment is compliant and up to code.
Failing to Adequately Train Staff
Adequately training your staff will help ensure that your customers have a positive experience and that your business runs smoothly. Your staff needs to be properly trained in all aspects of your business, from handling customer inquiries to processing orders. They should also be familiar with your products and understand how to use them properly.
Many independent companies now offer online training programs for pharmacists, technicians, and other staff members. These programs will help your staff stay up-to-date on the latest developments in the industry and reinforce their knowledge of your products and procedures.
You can also use external sources such as conferences and seminars to provide additional training. Not only will this help your staff gain more industry knowledge, but attending these events can also help you make connections in the industry and further your business.
When you invest in your staff’s education, you are investing in the success of your business. So, don’t neglect this vital step if you want your pharmaceutical company to succeed.
Not Managing Inventory Properly
Many pharmaceutical businesses run into trouble because they don’t manage their inventory properly. It’s essential to keep track of current and future inventory needs, so you don’t find yourself overstocked or out of stock at inopportune times.
Using an inventory management system can help you stay organized and on top of your inventory. Many systems offer features such as automatic reordering, letting you know when it’s time to restock certain items. This way, you can ensure that your inventory is always up to date and in line with customer needs.
It’s also important to keep track of expiration dates. You don’t want to end up with outdated or expired products, as this can cause numerous problems for your business. Keeping an eye on expiration dates will help you avoid these issues and ensure that your customers are always getting the best product possible.
Not Properly Testing Products
All pharmaceutical products must undergo testing before they can be sold to the public. This testing process is essential to ensure that the product is safe and effective for patients.
Make sure you allow adequate time for testing so that any potential problems can be caught and corrected before bringing the product to market. This testing should also be conducted in a laboratory setting, as this will give you more accurate results.
Additionally, it’s best to consider having third-party testers look at your product. This approach will help you verify the accuracy of the results and give you more peace of mind when it comes to quality control.
By keeping these tips in mind, you can avoid problems and ensure that your business runs smoothly. With proper planning and preparation, you can achieve success in the pharmaceutical industry.