Kowledge Management in Pharma Industry

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CONTENTS
INTRODUCTION3
COMPANY PROFILE4
KNOWLEDGE PROCESS5
PROCESS COMPARISON6
PFIZER DRUG DEVELOPMENT PROCESS7
RANBAXY DRUG DEVELOPMENT PROCESS7
CONCLUSION8

INTRODUCTION
Knowledge management is systematic management of intellectual capital and organizational knowledge as well as the associated processes of creating, gathering, organizing, retrieving, leveraging, and using intellectual capital for the purposes of improving organizations and the people in them. Through these processes, organizations capture and store data and information in a central or distributed electronic environment—often referred to as a knowledge base. Knowledge management involves an intentional effort to stimulate the sharing and use of knowledge, instead of relying on ad-hoc and informal knowledge sharing activities, while at the same time keeping the knowledge secured within the organization and its selected partners. Knowledge management is about changing the way that employees create, share and use their knowledge, so that the organization retains and builds upon the knowledge. It is the cultural aspects of transforming individual-held implicit knowledge to organizational-shared explicit knowledge. Being of such importance to the organizations in today’s world of cut throat competition it has become very important for the organizations to develop and use Best Practices for managing the knowledge base of the organizations. The only way in which the organizations can fully leverage upon this knowledge intensive world is by formulating best practices and applying these best practices in the day-to-day working of the organization hence finally making it a way of life.

OBJECTIVE
The industry sector which we have selected for the project is the pharmaceutical industry. We have selected this industry because we feel that this is one industry which is one of the largest knowledge consuming and intensive industry. Pharmaceutical companies need knowledge management solutions that allow users to store, analyze, interpret, share and protect information as part of coordinated processes. They must also provide ways to collect and manage diverse information, and use it effectively to support decision-making. This is why the pharmaceutical companies need to continuously develop and apply best practices. In today’s competitive world these best practices will help the companies to gain an edge over the competitors. Hence our objective in this project is to do a comprehensive study on the growing trends of the use of knowledge management best practices in pharmaceutical industry. The companies which we have selected in the pharmaceutical industries are Pfizer and Ranbaxy. Both of them are leading companies in this sector. We will figure out the best practices used by these companies and compare them. Finally we will conclude by defining how these practices would help the companies to survive today and in future. Knowledge Management is one of many tactics that organizations can adopt to improve their performance. Knowledge management is not a new term. It has been with us from years. The first time a scientist documented the exact procedure used in an experiment and shared it with the people was a form of knowledge management. Though Knowledge management may sounds like a new term but it is just the advance version of data management or information management. Knowledge management is a systematic, organization-wide effort that. Recognizes that it is the employees of the organization - scientists, engineers, sales representatives, technicians, and executives - who have profound and deep understanding of the data, information, work processes, competitive environment and societal context that contribute to organizational success. Promotes the creation, preservation, transfer and use of that knowledge in order achieve organizational goals and objectives. Supports and rewards the creation and...
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