The study aimed at achieving a competitive advantage in cost reduction by finding an integrated combination between target cost technology and product life cycle. The integration of target cost technology and product life cycle costs are considered an essential mechanism for any economic entity aiming to add value to itself, satisfy customers, create a competitive advantage, and keep up with technological advancements. Traditional systems do not have any advantage in this field. The study sample was selected from the public company, which is the state company for drug industry and medical appliances, Samarra factory of medications. The study referred to several conclusions; Samarra factory of medications has a unique capability in the field of manufacturing and production medications, it has qualified human resources in the fields of accounting and auditing. The staff can be promoted more if the factory adopts modern management methods that requires the management to join courses on this approach, its advantages, and disadvantages. Additionally, Samarra factory of medications requires efficient and qualified suppliers of raw materials. The study recommended several recommendations: enroll employees in training courses to enhance their capabilities and increase their scientific experience in cost management, especially for departments that apply accounting methods of cost management. It also recommended establishing a specialized team of management techniques to keep pace with modern scientific methods to utilize them in cost reduction. Furthermore, the researcher urges senior management in Iraqi industrial projects to collaborate with universities and institutes through conducting scientific research and tests to develop a mechanism that can minimize costs without compromising product quality.