Production line in pharmaceutical company

Cutting Packaging Costs: What Life Sciences Can Learn From Consumer Packaged Goods

Reducing costs of goods has long been a high priority in sectors of the consumer packaged goods (CPG) market, but there’s a lot the Life Sciences industry might be able to glean from the initiatives being enacted for cost savings in other industries. As such, David Foster, President of Adept Packaging put together a recently published article covering the different areas Life Sciences may be able to cut cost that they aren’t necessarily considering right now. Such areas include:

  • Components and Material Tactics
  • Printing
  • Material
  • Production
  • Strategic Cost Savings
  • Increasing Efficiency and Reducing Damage
  • Consolidation and Standardization
  • Design for Efficiency
  • Strategy Implementation
  • Packaging Ownership

While the need to reduce packaging costs in life sciences may never be as heavy a factor as it is in the CPG industry, the need to cut costs is always relevant and will continue to increase.  Increased generic drugs, consumer pressure on pricing, and the need to satisfy shareholders will drive a focus on packaging cost control.  As seen with other drivers, learning from first movers and applying those lessons is an easier way to meet these new objectives.  So why not examine the strategies used by CPG and see if they can be applied to help meet the pharmaceutical industry’s evolving goals and objectives?

Click here to read the full article.