Abstract
UNDER MOUNTING PRESSURE from customers, regulators, and shareholders to cut costs and stimulate innovation, the pharmaceutical industry is taking measures that other major industry sectors started on five to 10 years ago. Business process reengineering, enterprise resource planning (ERP), and supply chain management—old news to chemical, automobile, and electronics manufacturers— are new obsessions among drugmakers. Industry watchers agree that pharmaceutical companies have no choice now but to improve efficiency throughout their operations. At the Pharmaceutical Manufacturing 2003 conference in Boston earlier this month, Michael J. Hathaway, a partner with IBM Business Consulting Services, noted that while the sector is still more profitable than others, important economic indicators now spell big trouble for drugmakers on Wall Street. Total shareholder return for the top 10 pharmaceutical companies, for example, has fallen 83%, and while the Financial Times pharmaceuticals indexrose 350% from 1993 to 20...
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