By Vicki Powers
Research and development spending in the pharmaceutical industry has jumped 43% since 1995, according to the Pharmaceutical Research and Manufacturers Association of America (PhRMA), even though new drug approvals have dropped 49%. All of that contributes to an extremely competitive environment where shaving years, or even months, off the average 12- to 15-year drug product development cycle can create huge returns.
Knowledge management is critical in the pharmaceutical industry, according to Carla O'Dell, president of the Houston-based American Productivity & Quality Center, because its product is actually "bottled knowledge." The industry emerged as an early adopter of knowledge management in the mid- to late-1990s but ended up focusing too much on intellectual capital and codification, rather than knowledge transfer and collaboration. Many of those organizations backed off their KM activities for a few years, according to O'Dell, and lost ground.Continued... to view the rest of this article and thousands like it, please create a FREE account from one of the options below. Do you already have an account