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Within the pharmaceutical industry, new plant construction frequently exceeds the allocated budget and runs over the expected time. The problem contributes to the industry’s challenge to bolster drug output over the past decade, according to the consulting firm Turner & Townsend. The firm estimated that some 70% of pharma construction projects miss their original budget by about 15%.Of course, the pandemic’s negative impact on the supply chain has only exacerbated the problem. But the problem has been common across construction sectors for years. In 2016, McKinsey estimated that large construction projects across industries generally take 20% longer to complete than anticipated and are up to 80% over budget.
Keeping construction projects on trackClay Seese
One philosophy to help keep projects on tr…