The pharmaceutical supply chain is an increasingly complex ecosystem of pharmaceutical manufacturers, raw materials suppliers, wholesalers, distributors, healthcare systems, retail pharmacies, and patients.
We are living in an age of disruptions, and the need for pharmaceutical supply chain optimization is more acute than ever. Forward-thinking firms today are leveraging digital technology to streamline and improve the efficiency of the global medical supply chain and strengthen the healthcare systems, clinicians, and patients depend on.
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The goal of pharmaceutical supply chain optimization
The primary objective of pharmaceutical supply chain optimization is to eliminate waste, improve operational efficiency, become more responsive to changes in demand, and encourage optimal patient outcomes.
Pharmaceutical supply chain optimization is also used to streamline and ease regulatory compliance, including pharmaceutical serialization requirements, and to help organizations effectively manage logistics challenges such as pharmaceutical cold chain management. They also help to reduce the threat of drug counterfeiting and theft.
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Leveraging digital technology for pharmaceutical supply chain optimization
With the massive and unexpected disruption resulting from the crisis of Covid-19, drug and medical supply manufacturers are more interested than ever before in adopting new tools and tactics that can help them enhance the agility and resilience of their supply chains. Many pharma companies are seeking new digital technologies that can help them manage the challenges of pharma serialization and more effectively execute pharmaceutical supply chain optimization.
Technologies and tools such as the internet of things (IoT), digital supply network platforms, and collaborative, multienterprise work management applications are helping organizations reduce supply chain complexity in many industries. These technologies can help organizations identify and eliminate bottlenecks, mitigate risk, and uncover opportunities for reducing costs and improving overall supply chain performance.
Pharma companies can use these technologies to take a more sophisticated approach to drug supply management—to not just optimize pharmaceutical supply chains but also better anticipate risk, minimize disruption, and stay agile in the face of sudden and unexpected change. They can be used to improve demand forecast accuracy and optimize inventory management, helping firms better understand and react to demand and supply signals.
Using digital supply networks to optimize pharmaceutical supply chain management
To best leverage the variety of digital supply chain technologies available today, firms need a platform that can help them facilitate communication and information flows across machines, systems, teams, and organizations. Digital supply networks enable companies to overcome data silos, allowing them to share and consolidate data across internal and external teams and implement effective pharmaceutical supply chain optimization techniques.
Building a more efficient, agile, and resilient pharmaceutical supply chain
One of the easiest ways to build a more resilient supply chain is through the digital supply network. TraceLink's Digital Network Platform is the world's largest cloud-based network of supply chain partners for the healthcare sector. The platform now connects over 280,000 members and enables end-to-end information sharing and visibility across supply chains.
TraceLink can help you deploy the multienterprise work management applications needed to drive pharmaceutical supply chain optimization.
Pharmaceutical Supply Chain Optimization FAQs
What is pharmaceutical supply chain optimization?
Pharmaceutical supply chain optimization refers to the use of technology to minimize waste in and improve the efficiency and performance of supply chains in the pharmaceutical industry. Proper optimization helps organizations reduce supply chain costs and help pharmaceutical companies transform their supply chains into a competitive differentiator.
How are pharmaceutical companies optimizing their supply chains?
They are using technologies such as IoT sensors digital supply networks, and AI-driven analytics tools to automate and streamline inventory management, logistics management, and other processes involved in pharmaceutical supply chain management.
What are the benefits of pharmaceutical supply chain optimization?
Optimization helps organizations increase profitability for pharmaceutical companies, wholesalers, distributors, pharmacies, and other players in the pharma value chain while also enhancing the quality, affordability, and accessibility of medications and healthcare services for patients.