Improving supply chain management in pharmaceutical industry has been a challenging task for many companies. Pharmaceutical organizations, globally, are facing challenges meeting global quality standards, adhering to new healthcare reforms, and increased service requirements. To address such challenges, pharmaceutical firms must reduce costs, increase agility, and improve speed to market. They need to define key issues such as process development, capacity planning, and logistics management since they play an important role in pharmaceutical supply chain management.
Increasing the efficiency of the supply chain in pharmaceutical industry requires correct analysis of the latest trends and changes in the market. Request a free demo to know how our experts can help you gain precise market insights regarding the healthcare market.
Key Pharmaceutical Supply Chain Challenges
Pharmaceutical supply chain challenges #1: Supply chain visibility
Visibility in supply chain is extremely important for companies to address pharmaceutical supply chain challenges. Drug shortages, counterfeits, and opioids is compelling companies in the pharmaceutical industry to track-and-trace goods for the consumers’ sake and improve visibility. At times, improving supply chain management in pharmaceutical industry may also increase profit margins and result in safer products for patients.
Pharmaceutical supply chain challenges #2: Drug counterfeiting
Though counterfeiting of goods is prevalent across many sectors, its impact is most profound in the healthcare sector. Counterfeiters target markets in countries where the capacity to detect defective products and the penalty for engaging in counterfeiting are low. This is one of the key pharmaceutical supply chain challenges that needs immediate attention. Improving supply chain management in pharmaceutical industry can help companies to respond quickly to the actions of counterfeiters while minimizing the effort of policing.
Pharmaceutical supply chain challenges #3: Evolving marketplace
Complex supply chains and poor supply chain management in the pharmaceutical industry are making it difficult for companies to address the demands of a rapidly evolving marketplace. The under-utilization and inefficiency of supply chains to cope with the sort of products coming down the pipeline are forcing pharmaceutical companies to undergo a radical overhaul, creating challenges for companies. To gain detailed insights into the pharmaceutical supply chain challenges, request more information here!
Pharmaceutical supply chain challenges #4: Cold-chain shipping
Most of the top-soling medicines are biologics i.e., either they are produced from living organisms or contain components of living organisms. Such medicines are heat sensitive and susceptible to contamination. Maintaining a desired low-temperature range becomes one of the major pharmaceutical supply chain challenges that such companies face nowadays.
Cold-chain shipping is expected to be adopted more widely by companies as few CART-T cell therapies currently got approved in the USA. CART-T cells are manufactured from a patient’s own immune cells and need to be kept frosty which can be a major challenge for companies.
Pharmaceutical supply chain challenges #5: Compliance issues
The USA imports a major portion of active pharmaceutical ingredients from manufacturers in India and China. However, there have been certain instances when the Food and Drug Administration has issued warning letters to improve compliance. Suppliers and distributors need to abide by the norms set by the Drug Supply Chain Security Act and ensure “traceability” of products, creating one of the major pharmaceutical supply chain challenges for companies.
Improving supply chain in pharmaceutical industry is crucial for companies to devise effective strategies and manage new product portfolios. Get in touch with our experts to leverage pharmaceutical supply chain management solutions.