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Pharma Industry Increasingly Embracing An Innovative Way to Overcoming Supply Chain Disruptions

July 9, 2022

August 4, 2022

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Regardless of size or contents, every pharmaceutical shipment is valuable, some to the tune of millions of dollars. If anything goes wrong during the distribution process, manufacturers might have to write off a load,  which can substantially harm the company’s profitability. But the bottom line of a balance sheet is nothing compared to what else is at stake: people’s health and even lives. The distribution and safety of pharmaceutical products (especially during transport) have a very direct impact on medical outcomes.

Therefore, more than ever, pharmaceutical manufacturers, distributors, shippers, logistics service providers, and retailers need deeper levels of insight and greater visibility into the supply chain. Even as COVID loosens its grip and global economies emerge into the reality of a “new normal,” supply chain professionals face the ongoing threat of new variants of the virus and myriad other disruptions that come part and parcel with moving goods across international borders.

Our white paper, How the Pharmaceutical Industry Can Navigate Supply Chain Disruptions and Gain Resiliency, explores how real-time data, combined with customized tracking alerts, can empower supply chain leaders to overcome obstacles and realize insights that will drive proactive management decisions. 

Opportunities, Challenges & the Role of Real-Time Tracking

This white paper looks closer at the state of the pharmaceutical industry, some of its common challenges, a few current solutions to overcome them, and how real-time visibility and tracking can take those efforts to the next level. Here are a few highlights:

 

  • The pharmaceutical products market increased sixfold from 2000–2019 (source: McKinsey & Company), and market research firm Statista reported consumers spent more than $1.27 trillion on medications alone in 2020.
  • Beyond medications, pharmaceutical products encompass therapeutics, biologics, branded generic products, and cell and gene therapies.
  • Like companies in most industries, those in pharmaceuticals are swimming in data. But … is it the right data? Is it reliable? Is it real-time or delayed? Is it accessible and shareable, or is it stuck in a silo?
  • Poor data control is responsible for significant supply chain issues (source: Pharma Technology Focus).
  • Optimizing distribution in the pharmaceutical supply chain (aka the “cold chain”) is not easy, for several reasons ranging from transportation delays to temperature-controlled. Our white paper details 15 of the most common challenges and disruptions the pharmaceutical industry faces.
  • Supply chain visibility and real-time tracking, which moved into the world’s collective spotlight with its vital role in protecting the temperature-sensitive  COVID vaccines, can help solve many of the pharma industry’s challenges.
  • Real-time visibility puts all supply chain stakeholders in a position to be proactive rather than reactive in excursion management, paving the way for greater supply chain resilience

Keeping Pharmaceutical Products Safe with Best-in-Class Trackers and Real-Time Insights

Pharmaceutical company supply chains’ monitoring practices are currently widely reactive to disruptions. Our white paper, How the Pharmaceutical Industry Can Navigate Supply Chain Disruptions and Gain Resiliency, provides excellent detailed examples of how real-time visibility and hyper-accurate trackers are helping pharma supply chain professionals turn the tide. Author Bobby Boehm, owner/principal of Professional Supply Chain Resources LLC, even of where technology and pharma are going in the next three to five years. 

Download the White Paper Now

To learn more about how Tive’s tracking monitors and cloud platform save pharmaceutical shipments, contact us today.

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