The client, a biologic drugs manufacturer, wanted to address the inherent risks in their increasingly fragmented supply chain network. The client wanted to enhance production and delivery capabilities across their supply network. To proactively address risks in their supply chain, the biologic drugs manufacturer approached SpendEdge to devise a comprehensive approach to risk management throughout their global supply chains. The three-step methodology included – identification, analysis, and risk management.
A detailed risk analysis study on the biotech industry helped in the identification, analyzation, and prioritization of supply chain risks. Integration of supply chain risk analysis as a core risk management strategy also helped them assess the future impact of risk factors. Following this, the client leveraged proactive risk mitigation strategies to improve performance.
About the Client:
A multinational biotech company specializing in the manufacturing of biologic drugs. The client is a leading player in the biotech industry with several well-established subsidiaries operating in over 25 developed economies.
The biologic drugs manufacturer was facing difficulties in limiting supply chain risks throughout their global supply chain.
How did SpendEdge Help the Client:
- Step 1: Developed a three-step methodology to strategically address increasing complexity of the global supply chain
Our supply chain analytics experts followed a structured approach to develop a precise risk assessment framework.
- Step 2: Developed a systematic risk prioritization strategy
The implementation of a supply chain risk management program can be challenging for well-established firms in the biotech industry. A robust risk prioritization matrix outlined a systematic approach, which helped the biologic drugs manufacturer to identify the best risk mitigating strategy.
- Step 3: Built sustainable partnerships
Achieving supply chain excellence required the biologic drugs manufacturer to invest in understanding each boundary between internal and external parties within their supply chain in terms of the expectations for unswervingly delivering quality excellence.
Key questions answered in this supply chain risk analysis study include:
Benefits of the Risk Analysis Engagement:
Our supply chain risk analysis solution helped the biologic drugs manufacturing firm to minimize the risk of a catastrophic supply chain failure by identifying the appropriate risk mitigating strategy. It also enabled them to build sustainable external partnerships with key players in the biotech industry.
Supply chain risk analysis offers valuable information to evaluate, manage, and communicate the associated risks related to a specific product. A holistic risk analysis approach can help in establishing a well-defined plan to minimize the risk of quality non-conformances and agree on an approach for communicating and mitigating risks across the global supply chain.
Why incorporate risk analysis?
The rapid growth of global supply chains in the biotech industry has mandated risk analysis as an essential factor to ensure consumer safety and regulatory compliance. The implementation of the three-step approach will enable companies operating in the biotech industry to develop risk mitigating strategies, ensure the long-term success of their products, and enhance patient safety.
With the onset of globalization across emerging economies, managing supply chain risks have become critical and more complex than ever before. Globally, the biotech industry has been both a blessing and a bane to an extent. The increase in market opportunities results in greater risk factors that could potentially impact the survivability of your organization. This makes it necessary for firms to increase their visibility into not only their own processes but also those across their global supply chain.