Over the years, leaders in the life sciences industry have become increasingly aware of the importance of project management. Historically project management was reserved for just the “Big Pharma” sector. More and more, smaller biotech and pharmaceutical (pharma) organizations are seeing the value that project management can bring to the table. Just think about COVID and the rapid development of vaccines – this speed of delivery would never have been possible without the support of effective project management. As demand for rapid solutions grows, having a strong project management office (PMO) in place to drive these solutions becomes increasingly important. Whether it’s launching new products, conducting clinical studies, upgrading IT systems, implementing analytics/reporting, or submitting regulatory documents, effective project management can enhance the outcomes of all these endeavors.
Project managers (PMs) contribute more than just tools and templates for scheduling and managing workflows. Just a few ways PMs often delve deeper:
Clear accountability. PMs play a critical role in organizing the team’s workload. This helps in setting clear accountabilities for the team, reducing confusion, and minimizing time spent resolving questions. As a result, team members are afforded more time to focus on getting the work done – thereby increasing the overall productivity of the team.
Consistent information flow. PMs ensure that all stakeholders receive a consistent flow of information. Keeping everyone up to date on key project components, task statuses, and end goals facilitates a shared understanding, fosters collaboration, and avoids misunderstandings.
Handling uncertainties. Life sciences projects often face uncertainty due to evolving regulations and unexpected results from experiments or clinical trials. PMs provide the tools and templates to help navigate these uncertainties. Their ability to quickly adapt plans in the face of chance ensures projects stay on-track.
PMs contribute significantly to project success by promoting clarity, facilitating communication, and effectively managing uncertainties. Below are some valuable tools (beyond the project schedule) PMs can use when managing the changes that inevitably occur during the project life cycle.
Risk Register:
One of the key tools project managers use to help life sciences teams is the risk register. Risk registers provide teams with insight into potential issues that could arise in the future, impacting the project’s ability to meet its intended objectives on time and on budget. The risk register allows the team to proactively plan for changes ahead. With thoughtful planning through a risk register, team members can collaborate on strategic thought leadership and facilitate project change management when issues arise.
Monte Carlo Simulations:
One way to help the team regroup during periods of change is through Monte Carlo simulations. Another MustardSeed article explains how Monte Carlo simulations can be used to determine the probability of outcomes based on different variables, expectations, and changes to the schedule. In a project where timelines have the potential for significant variances, the Monte Carlo tool can be extremely useful in identifying the most significant risks. These simulations help to manage expectations amongst project leadership and other stakeholders.
Change Management Protocols:
Change management protocols like those listed below help PMs guide their teams through faster and more efficient realignments. Establishing a clear process for how project changes should be reviewed, approved, and implemented affords the team the ability to get back on track more quickly. A few of the tools a PM might use to help define their change management protocol include:
A process map/flowchart to help the team easily visualize the steps in the change management process, including when change approval is needed.
A stakeholder register, which clearly lists which stakeholders should be involved in the change approval process.
A communication charter to establish who needs to be informed about what, specifying when and how they are best reached.
By having these tools already in place, change can be managed efficiently as it arises. This mitigates any additional delays to achieving project completion, supporting the project team into getting over the finish line.
The emphasis on project management within the life sciences industry has unlocked a multitude of opportunities to increase the efficiency of project execution. This is evident in endeavors such as the rapid vaccine development we saw during the COVID-19 pandemic. The current trajectory indicates that as teams grow more comfortable with navigating these organized project management processes, the industry will be able to unlock even more value into the future. The evolving function of project management not only ensures efficient project completion; it also holds the key to unleashing the full potential of scientific advancements across the life sciences industry.
