Using Six Sigma to reduce errors is vital, but it still leaves you vulnerable to catastrophe. To create the most defect-‐free process possible, you need to unleash the power of workforce management.
The costs associated with making a mistake in the life sciences industry can be staggering. Remember when one of the world’s pharmaceutical giants recalled 100,000 bottles of its popular medicine, costing the firm more than $50 million? Or when another company withdrew its pain medication from circulation and watched its stock price collapse, wiping out more than a quarter of the firm’s market value in a single day?
Product recalls, returns, and expirations are estimated to cost the pharmaceutical industry $2 billion a year.
In most commercial enterprises, eliminating errors from the R&D and production process is a goal. But in life sciences – when you consider the human health and financial risks at stake – eradicating errors is an imperative.
