The pharmaceutical industry is a complex one, with several rules and regulations governing every aspect. Right from focusing on manufacturing quality to maintaining it over the supply chain, you need to be on your toes to ensure that the product reaches the end users in a perfect state. And there is yet another challenge related to the regulatory compliances that govern the processes and the industry as a whole. You need to be extra careful when choosing a contract manufacturer to manufacture the product that you plan to sell. There are several things that you need to consider before partnering with someone because the reputation of your business will be at stake. Let us list a few tips that would be helpful in making the right choice.
Expertise and track record
Start by finding the technical expertise and track record of the provider in the industry. Having a previous record of manufacturing a similar product is a plus. In addition to verifying their manufacturing capabilities, pay attention to the operational excellence as well. Paying a first-hand visit to the plant would be a good idea. Also, know more about their supply chain execution to ensure that the product will reach the market while maintaining its quality and integrity.
Quality and regulatory requirements
Since the pharma industry has stringent quality and regulatory requirements that need to be adhered to, these are other factors that you cannot overlook. Make sure that the manufacturer is capable of adhering to these requirements, not only at present but in future too because these requirements will always be there. Scalability is critical too because the regulation can change or grow over a period of time.
Transparency in pricing
Pricing of the manufacturing service plays a vital role because it directly influences the market price of the product. You would want to earn an optimal margin after paying the manufacturer. Therefore, it is essential to ensure that the provider offers transparency in pricing. This builds trust as well and ensures that you can maintain a healthy and long-term relationship with them.
Safety of intellectual property
Another prerequisite of choosing a service provider for contract manufacturing is the assurance that they will keep your intellectual property safe. Patents and intellectual property rights are of key significance in the pharmaceutical industry, which is the reason that emphasis is laid on the manufacturer’s trustworthiness. Find out about the reputation and credibility of the company in this context. You can connect with other businesses in your industry to know about the previous track record of the provider.
Agility and accountability
Considering the market dynamics in the industry, the manufacturer should be agile enough to keep pace with the market demand and timelines. Accountability is critical as well because a good contract manufacturer will be capable of completing contracts within the deadlines and dealing even with unforeseen situations without any hassles.
Since the pharmaceutical industry is growing at a rapid pace, the demand for manufacturing products on a contractual basis is on a rise. There are a number of players in this segment but all are not equal in terms of service quality and credibility. So it is better to be careful while you choose a manufacturing partner for your brand.