What does PTSM mean in TECHNOLOGY
Pharmaceutical Technology Sourcing and Management (PTSM) is a specialized field of pharmaceutical supply chain management dealing with the management, selection and negotiation of sourcing technology and services in the development, manufacturing and commercialization of healthcare products. It involves an in-depth understanding of outsourced sector costs, regulatory requirements, quality processes and supplier risk assessments. PTSM provides an integral part of the efficacy and safety of drugs delivered to patients
PTSM meaning in Technology in Computing
PTSM mostly used in an acronym Technology in Category Computing that means Pharmaceutical Technology Sourcing and Management
Shorthand: PTSM,
Full Form: Pharmaceutical Technology Sourcing and Management
For more information of "Pharmaceutical Technology Sourcing and Management", see the section below.
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Essential Questions and Answers on Pharmaceutical Technology Sourcing and Management in "COMPUTING»TECHNOLOGY"
What does PTSM involve?
PTSM involves understanding outsourced sector costs, regulatory requirements, quality processes and supplier risk assessments. PTSM also provides an integral part of the efficacy and safety of drugs delivered to patients
How can PTSM help in the development process?
A successful PTSM program can lead to significant cost savings while meeting regulatory requirements as well as ensuring product quality. It enables sound medical decisions by providing drug sponsors with a comprehensive view into their product's complete lifecycle from preclinical development through clinical trials and commercialization
What are the goals of a successful PTSM program?
The goals for a successful PTSM program are to reduce costs while meeting all applicable regulatory requirements, maintain quality standards throughout the product's lifecycle from discovery to marketing approval, ensure that suppliers meet customer service needs on time, increase patient satisfaction and optimize returns on investments
What activities occur during a typical PTSM program?
Typical activities during a successful PTSM program include controlling raw material costs; monitoring supplier performance; selecting best-in-class suppliers; conducting market research; negotiating contracts; managing technology transfer projects; evaluating products/processes/systems; developing strategies for sourcing technologies or services; identifying global opportunities for outsourcing strategies (e.g., tax credits); maintaining relationships with existing vendors; participating in due diligence exercises prior to making decisions related to mergers or acquisitions; creating performance metrics for measuring supplier performance; providing input into new product launch timelines; tracking trends in industry development cycles
Who typically leads a Pharmaceutical Technology Sourcing & Management Program?
The leader typically responsible for leading a Pharmaceutical Technology Sourcing & Management Program is usually someone experienced in pharmaceutical supply chain management who has extensive knowledge of drug industry regulations. This individual must also possess strong analytical skills in order to identify areas where efficiency gains can be made throughout the supply chain network
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