Latest Trends in Pharma Industry

DO NOT MISS THESE THREE ASPECTS OF PHARMACEUTICAL SUPPLY CHAIN!

To overcome the challenges in the supply chain, organizations need to devise long-term strategies, giving more importance to the adoption of emerging technologies to streamline the processes and drive efficiency.

For a long time, the supply chain in the pharma industry has remained adamant in its old ways. However, the globalization of drug supply and the emergence of new pharmaceutical technology have made it imperative for the supply chain organizations to overhaul their conventional approaches and incorporate innovative strategies to stay at the forefront in the market. Several organizations have taken steps to renounce the outdated supply chain networks and streamline the delivery of drugs to different parts of the world.

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The Changing Landscape

The pharmaceutical industry is struggling to keep up with other sectors in terms of technology integration. To resolve the problems and inefficiencies of the supply chain, organizations need to form long-term strategies, giving more importance to the adoption of emerging technologies to streamline the processes, as well to drive efficiency.

The Need for Quick Transport

Biologic drugs and gene therapies are replacing conventional medicines, and this has forced the distribution channels to revamp their approaches. Biologic drugs are highly sensitive to variations in environmental conditions and are easily susceptible to contamination. Hence, they require cold-chain shipping in controlled conditions. Since these products have shorter product life cycles, they require quick transportation from the manufacturer to the customer.

Customer Satisfaction

Like all other sectors, the focus in the pharmaceutical industry has shifted from delivery approaches to patient outcomes. As the demand for enhanced service increases, supply chain organizations have to take into consideration the need for prompt delivery and effective results. The transition toward value-based healthcare is challenging for traditional organizations, but it is imperative for them to change their approaches to retain their edge in the market.

The introduction of Pharma 4.0 offers an ideal opportunity for manufacturers, packaging companies, and supply chains to collaborate and develop innovative solutions. The incorporation of smart tracking systems will allow organizations to manage their processes more efficiently in real time. It will also enable them to track products along the supply chain. Judging from the rise and fall of organizations across various sectors, there is no doubt that supply chains which adopt modern technologies will lead the revolution in the pharma industry.

2. PROGRESSION OF SUPPLY CHAIN WITH TECHNOLOGY

The whole network of the organizations, resources, individuals and technology involved in the creation and sale of a product, from the delivering raw materials from the supplier to the manufacturer, transforming these materials into intermediate or finished products, and then finally distribution of these finished products to customers is called a supply chain.

Analytics and Analysis

The information acquired through supply chain analysis provides companies insights about how to improve products and services, operations, hiring practices, marketing campaigns, among the many. Companies should be using analytics for both internal and external evaluation as this data will help in streamlining entire operations from the purchasing of raw materials to the delivery of the final product.

Supply Chain Optimization Apps

The supply chain apps provide the ability to access real-time information to prevent delays and loss. Businesses of all sizes can benefit people at every level of the supply chain as they can see the existing state of products.

Artificial Intelligence (AI)

Artificial intelligence is used to automate processes and procedures in the supply chain. It eliminates human error, creates efficiency and saves money. AI technology helps in finding patterns, predicting purchasing demands and optimizes inventories.

Internet of Things (IoT)

IoT is used in numerous ways throughout the supply chain process. Drones with sensors provide real-time data to improve supply chain efficiency. It can be used throughout manufacturing and logistics processes, demand management, preventative maintenance, and sourcing applications to minimize downtime, analyze customer behavior and react proactively to customer demands.

ERP

As cloud and SaaS continue to grow, companies will need their ERP systems to enable process improvements to meet everyday challenges. ERP systems can hold massive amounts of data, which companies can use for improved analytics and business intelligence, especially within omnichannel and multi-channel environments. Compliance and growth challenges require data to be easily pulled and interpreted, and ERP systems will be leveraged to enhance that process.

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