Ticking Timeline: Tips For Effective Product Development Timelines

By Carolina Ahrendt, MBA, PMP

Biotech and pharmaceutical companies must establish clear product development objectives, including business strategies, global filing goals, and program plans, to navigate the drug development lifecycle effectively. A well-designed timeline is also crucial, incorporating key elements such as business strategy decisions, global filing objectives targeting specific markets, and detailed program plans aligned with development phases like IND or NDA submissions. Various timeline formats, such as Gantt charts and key milestone charts, can aid in visualizing progress.

Companies should address common misconceptions regarding timeline duration, particularly the belief that smaller firms can develop products faster. Challenges such as limited expertise, resource constraints, and regulatory complexities can impact timelines for all company sizes. To expedite development, companies should critically assess tasks and avoid premature public commitments to deadlines. A critical path analysis can identify tasks for acceleration, emphasizing the importance of detailed planning and collaboration among team members to ensure realistic goal setting and project success.