Four pitfalls to avoid when reducing pharmaceutical energy spending
How to reduce energy use in pharma without compromising compliance or quality
If you’re a pharmaceutical company looking for ways to save money, your energy bill will probably be top of the list. Keeping buildings well-lit, climate-controlled, and running at the right temperature cost the US pharmaceuticals industry over $1 billion in 2018 alone.
And, as costs continue to climb, pharmaceutical companies are sacrificing more and more of their profits to their energy bills every year. That means less money to invest in vital research and development and, in turn, less chance of generating future growth.
But, for a sector as complex as pharmaceuticals, reducing energy spending isn’t just about finding efficiencies or seeking out a cheaper supplier. If you want to get a real competitive advantage from revamping your energy plan, you’ll need to consider four important things.
How much does it cost to reduce your energy bill?
Saving money on your energy bills is a lot like building a house: investing in good foundations now will save you a lot of stress and spending in the future.
Moving to a cheaper energy provider might save you money in the short term, but you’ll need to make three important investments if you want your savings to be sustainable:
- Purchase new, more efficient and reliable temperature and humidity control systems, so you’re wasting less energy adjusting your climate (and less money on product wastage caused by malfunctions).
- Make sure you have a regular, robust schedule for maintaining existing equipment, so you can keep it running as efficiently as possible. This will also save you money and time you might have spent on avoidable repairs.
- Invest in some reliable short-term equipment to keep things running smoothly while you upgrade to your new systems, so you can make improvements without affecting your productivity.