As pharmaceutical and biotech businesses continue to grow, companies are investing millions of dollars in equipment and instrumentation to conduct primary research, move discoveries through to development, and ramp up to full production. “The result is a significant asset base sitting on the balance sheet,” noted Ben Potenza, vice-president of marketing at EquipNet. He further pointed out that when projects are completed, the emphasis of research shifts, or as companies merge, relocate or close facilities, equipment often fall out of use. The Investment Recovery Association (1) states that on average, 10% of a manufacturing company’s global asset base is lying idle at any one time. Most laboratory and process managers do not have good visibility of these assets. Ben Potenza spoke to Pharmaceutical Technology about the advantages of active asset management and how it can maximize a company’s return on investment (ROI).
What are the practical considerations on managing assets as research priorities shift?
There have always been equipment dealers looking to buy surplus instrumentation as low as they can and then sell them for profit. In recent years, however, best practice in asset management has evolved away from this simplistic model; forward-thinking managers are becoming increasingly aware of the hidden value that is sitting in their facilities. But the pharma business is not principally about managing assets; naturally, the focus is on the discovery and development of the next important drug. Even when a manager understands the benefits of actively managing assets, pursuing a proactive strategy is not without its challenges. It requires formalized processes, specialist knowledge of the industry and its equipment, dedicated resources, and a concerted approach to change management. As many companies lack the time or resources necessary to implement such a program, they are increasingly relying on a partnership with a specialist service provider for successful delivery.
Read the full interview, here.