Why is GMP Compliance Necessary?
Government regulatory bodies help protect lives by ensuring the safety of pharmaceuticals, medical devices, food, and any other products that could affect health. In order for new products to be put to market, these agencies provide guidelines for regulatory compliance. That is the essential step in ensuring safety.Good Manufacturing Practice (GMP) refers to FDA regulatory guidelines that hold manufacturers accountable for the safety of their products. GMP guidelines encompass many aspects, such as facility cleanliness, accurate and up-to-date records, safe equipment and handling, and personnel certifications, among other aspects. GMP guidelines provide the backbone of product quality control.
How Does GMP Compliance Fuel Business?
Since GMP compliance is required to make pharmaceutical and other life science products viable for market, it is a foundation of such businesses. It is a fundamental step to minimize or eliminate risk in production. Because of this necessity, GMP guidelines aid in increasing business productivity. This is because it aids market entry for new products.
In turn, GMP guidelines open up opportunities for businesses that support the biotech and pharmaceutical industries. Such businesses include calibration experts and other entities that provide validation and standardization.
Benefits of Lab Asset Preventive Maintenance
With the need for GMP compliance, the life science industry relies on calibration of instruments. Calibration of instruments ensures accuracy and precision for this utmost goal of aiding life, by ensuring all instruments work to the highest standards. Instrument calibration also helps maintain and extend the longevity of lab assets such as pipettes, scales, and other instruments.
In order to ensure that instruments work every time, preventive maintenance is key. Preventative maintenance reduces downtime due to instrument repair. It also ensures that instruments are adhering to process standards. When an instrument breaks or does not work properly, that means time and money are lost. Therefore industries must maintain their lab assets via preventive maintenance if they wish to succeed.
Future Market Growth
The projected global pharmaceutical research and development expenditure for 2022 is $181 billion. This means that more facilities will need more calibration, validation, and standardization. In effect, this creates a vast market opportunity for those who provide such services.
There also exists a great need for software that can help manage, maintain, validate, and record information about these GMP-required instruments. Such software provides efficiency, quality, and savings in both time and money. The future growth for the software management market seems assured.