Proper planning and accurate forecasting in the pharmaceutical industry are vital, and skipping this step can cost pharmaceutical companies countless hours and billions of dollars. Because forecasting involves analyzing previously collected data and making predictions about future trends, there are numerous factors to consider, including selecting the best techniques to use. Forecasting strategies, determining and using the most important data, and using the best management practices contribute to whether the forecast will be successful or a bust.
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Forecasts are pretty valuable in any industry. However, in the pharmaceutical industry, accurate forecasting can be particularly challenging to achieve. In previous years, studies have shown exactly how difficult pharma forecasting can be as the large majority of 1,700 forecasts over nine years failed to show and prove.
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Undoubtedly, it takes more effort to manage multiple vendors than it does to communicate with a single vendor. It may take more time each month, and could mean more staff training. But can you imagine depending on a single vendor and having something go terribly wrong, leaving you, your organization, and your consumers without a backup plan?
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