Perfection is paramount
Life sciences is a precise industry and strict quality standards must be upheld at all times. Every nuance has to be documented as the consequences of error are particularly serious.
As a result of the above, pharmaceutical companies must adhere with stringent legislation as laid out by the government and other regulating bodies. Moreover, these rules are constantly subject to change; being ready to adapt is imperative.
Research and development
Research and development is more crucial to life sciences than to any other industry, but companies must ensure they’re getting sustainable returns on their investments.
Producers face competition, not only from others in the industry, but also from illegal, black market sellers. According to the World Customs Organisation, the global market for counterfeit drugs is worth close to $200 billion.