Your Guide to Effective Inventory Management
Why Focus on Your Inventory?
On average, labs manage up to 1 million samples1. The inventory store of samples can be one of the most valuable and expensive assets in any research and development (R&D) lab.
A report by The Tufts Center for the Study of Drug Development estimates the cost of getting just one new prescription medicine into market exceeds $2.7 billion2. It’s a huge sum of money. With roughly $10 billion being spent on R&D each year by top investors in the space, 40% of which is scientific, one can understand why R&D organizations are looking to cut their spending and streamline processes to get the most out of their investment.
Given the pressure, this has encouraged companies in the industry, from biopharma to food and beverage and petrochemicals, to take a more data-driven approach to research – reusing data generated from past projects to achieve better insight, solve other scientific problems and continue to innovate.
With so much at stake, your inventory is a good place to start. Standardized inventory management enables organizations to minimize risks, reduce expenses and embrace opportunities.
To learn more about what your inventory is worth, the importance of good inventory control and inventory challenges that every lab faces, download our eBook below!