In the wake of a global pandemic, the life sciences industry has risen to the occasion, supplying vital medicines, developing new therapeutics, diagnostics and vaccines in the fight against COVID-19. However, it’s also disrupted research, clinical trials and supply chains at a time when the sector was contending with significant challenges, including financial.
Operational efficiency is more important now than ever, and as the third-largest expense for most life sciences companies, real estate and facilities are key areas that can help minimize or avoiding costs and increase capital.
Implementing strategies that reduce costs and improve cash flow will open up much-needed resources to invest in R&D, while helping your company grow and reach goals.
Our guidebook, 14 real estate strategies to reduce costs and fuel Life Sciences R&D provides numerous levers that will help you reduce your costs, recapture your revenue and thrive, including:
- Analyzing your real estate portfolio to uncover hidden costs and excess space
- Relocating administrative space to back-office spaces
- Renegotiating leases
- Renovating rather than build new
- Leveraging location analytics for site selection
- Optimizing energy management
- Permanently adopting tailored remote working policies
- Leveraging variable capital project management
- Partnering with an FM service provider
- Prioritizing capital projects with data-driven planning
- Reducing FM costs through preventative maintenance
- Optimizing laboratory design for flexibility and reuse
- Disposing of excess owned assets
- Monetizing your real estate assets
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