4 Tips To Help Improve Your Company’s R&D Strategy

4 Tips To Help Improve Your Company's R&D Strategy

It’s 2022; chemical distributors can no longer rely solely on their manufacturers to perform their marketing content and collateral for them.

So if you are a chemical distributor looking to further your business in the life sciences industry, here are four tips which will help improve your company’s Research & Development (R&D) strategy.

1) Monitor and understand trends in the industry

Using market intelligence and analysis, you can encourage your employees to monitor and understand specific trends in the industry. Nowadays, chemical manufacturing and distribution trends are almost all technologically based, so if your systems and processes are up to scratch, this is a relatively simple process. Therefore, one easy win to improve your R&D strategy is to utilise innovative and sophisticated AI software so that you can analyse the chemical makeup, allowing your experts to find new formulas.

2) Utilise innovative technology

Understanding just how far technology can take your business is incredibly important. For example, suppose you ever meet resistance from above on utilising specific technology when doing Research & Development. In that case, plenty of data highlights how transformative it has been for the industry.  

A one size fits all approach adopted by many scientific-oriented companies towards innovation matrixes isn’t going to cut it as we continue to move into the technology era. The pandemic changed the landscape of health, life sciences and chemical sectors, meaning organisations have no choice but to adapt and proceed with the times. One tip would be to focus on advanced digital technologies in manufacturing and distribution logistics. 

3) Don’t give up on desk research

Although companies have to move with the times and accept that digital innovations are driving the industry forwards, that doesn’t mean desk duty should be discarded. Replacing desk research with digital research won’t necessarily improve your business, but combining both ideas should improve your company’s outlook. 

Examples of good desk research include conducting a quick internet search. This can provide valuable information but shouldn’t be relied on as the primary data source. However, it gives the team using innovative technology a starting point.

4) Find a supplier and manufacturer you can trust

To develop your R&D strategy, it makes sense to have a product of high quality that you believe is worth investing time in. Not only the product needs to be of a high standard, but so do the supplier and manufacturer. Researching potential suppliers allows you to understand how they work and what benefits they will be to working with them.

One of the critical characteristics to look for in a potential supplier is investing in developing its product. Therefore, you are looking for a company that will work on their products and will not stop as soon as the contract is signed. For example, companies like Apollo Scientific specialise in chemical synthesis services but also in supporting discovery on every scale, at every stage.

Communicate and work effectively

Communicating with your team and ensuring your employees and departments are all pulling in the same direction is vital in ensuring your company achieves its potential. Take note of the tips above and lay out an action plan and ethos for the company to follow.