Into the Future of Pharma Supply Chain: Trends Driving the Pharma Industry
Companies in the pharma industry usually have complex supply chains that are underutilized and inefficient. They are ill-equipped to cope with the sort of products that are coming down the pipeline. Many of the medicines produced require different manufacturing and distribution techniques. As a result, companies have started redesigning their supply chains. But most of […]
Companies in the pharma industry usually have complex supply chains that are underutilized and inefficient. They are ill-equipped to cope with the sort of products that are coming down the pipeline. Many of the medicines produced require different manufacturing and distribution techniques. As a result, companies have started redesigning their supply chains. But most of the changes introduced have been short-term measures to address immediate challenges such as the rationalization of larger manufacturing networks as a result of acquisitions. Let’s discuss the key factors dictating the need for a new approach to the pharma supply chain to help companies better plan for the changes.
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Factors Impacting the Pharma Supply Chain
New drugs and devices
Pharma supply chain is changing drastically in recent times. Bioengineered vaccines and biologics are expected to form a major part of the market. Such drugs will require companies to develop more complex manufacturing and distribution processes in order to prevent impurities in the production process and damage during shipping. In fact, some personalized medicines and poly-pills will need to be individually extracted, propagated, prepared, treated and finished near the patient location. Also, the majority of specialist treatments will require novel delivery devices which are more complex than the ones being used today.
As new methods for assessing, approving and monitoring medicines emerge, the launch process for medicines is also expected to become more incremental. The binary system of either approving or rejecting a medicine will be more graduated. The US Food and Drug Administration (FDA) has also already introduced conditional approvals for certain drugs. Now, it is emphasizing on post-market surveillance and “live licenses” to confirm the efficacy of medicines. Companies that are making investments on the pharma supply chain to meet peak volumes will now need an agile supply chain that can respond to license alters.
Live licenses can minimize upfront investments but will require supply chains that can be rapidly adjusted? Contact us, to know more about strategies to improve the pharma supply chain management process.
Demand-driven supply chains
Many countries have been constantly trying to reduce dependency on hospitals. Patients are encouraged to take a proactive approach in managing their healthcare. These trends will be on the rise as clinical advances will provide better medicines to patients for acute conditions. This will require companies to build demand-driven pharma supply chain to assemble healthcare packages for different patients at ‘super hubs’ before delivering to patients’ homes.
The inability to build a demand-driven pharma supply chain can make it difficult for companies to ensure their presence in the market. Stay a step ahead by requesting a free demo of our procurement platform to gain exclusive insights to develop effective pharma supply chain management strategies.
With the growing importance of developing economies, many medical device companies have already started designing products suitable for these markets. Pharma supply chain companies must learn from such companies and understand the needs of patients living in developing countries to tailor their offering accordingly. Also, they should focus on building supply chains that are geographically dispersed and more secure.
To know more about the latest pharma supply chain trends and strategies to improve the process, request more information from our analysts.