The COVID-19 crisis was a wake-up call that led to a renewed emphasis on the importance of supply chain agility and digital technology that can be a critical enabler in times of supply network disruption that empowers them to better detect and response to sudden shifts in supply or demand. Pharmaceutical supply chain solutions that run on a cloud network which includes all of your supply network partners can help you manage, mitigate, and circumvent unforeseen delays and disruptions and ensure that healthcare providers and pharmacies get the medications and medical supplies they need on time and in full. Pharmaceutical supply chain solutions like digital supply networks, multienterprise work management software, and internet of things technologies are powerful new ways to streamline and digitalize supply chain processes and improve drug supply management. At the same time, these tool help improve supply chain efficiency and resilience while driving compliance and innovation.
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Why pharmaceutical supply chain solutions are in demand
The need for pharmaceutical supply chain optimization and the solutions that drive it has never been greater. Even before the pandemic, organizations were struggling to cope with the complexity of the pharma supply chain. In addition to dealing with an already fragmented and decentralized network of partners distributed across the globe, many pharmaceutical firms are under constant pressure to improve the quality of both products and business processes.
As the rising cost of drugs and quality incidents lead to greater public scrutiny, drug companies are looking to pharmaceutical supply chain solutions that can help them boost supply chain efficiency and more easily ensure the safety and integrity of their products through the pharmaceutical quality system. This includes time-consuming quality assurance, quality review, and CAPA processes. Forward-thinking pharmaceutical executives are investigating and addressing pain points in the pharma supply chain and choosing pharmaceutical supply chain solutions that can help them build a more flexible, resilient, and reliable value chain.
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How pharmaceutical supply chain solutions are being used
Leading firms in a wide range of industries are experimenting with digital technology like the blockchain, the internet of things (IoT), and digital twins to streamline enterprise operations, reduce costs, and create intelligent supply chains. In the healthcare sector, firms are using these as well as other technologies designed specifically for pharmaceutical supply chain management to digitize and optimize critical supply chain functions and eliminate time-consuming and error-prone manual processes.
They are using pharmaceutical supply chain solutions to improve demand forecasting and planning, inventory management, network and routing optimization, freight document handling, logistics procurement, supplier management, and many other supply chain practices. They are leveraging pharma serialization and track-and-trace infrastructure to obtain end-to-end visibility across the supply chain and create global value networks that are fully interconnected, integrated, and agile, or ready to pivot fast when conditions change.
A foundation for all other pharmaceutical supply chain solutions
Digital supply chain networking technology, or cloud-based digital supply networks and digital network platforms, acts as a foundation for strategically integrating technology throughout the supply chain. It enables firms to better leverage a wide array of pharmaceutical supply chain solutions. TraceLink's digital networking technology, engineered specifically for the pharma industry and healthcare sector, enables seamless information sharing among supply partners. TraceLink provides organizations with a safe and secure way to create an end-to-end value network that uses serialization and other forms of data from across the network to obtain actionable intelligence and drive operational excellence.
TraceLink's pharmaceutical supply chain solutions help put an end to fragmentation and data silos in the healthcare value chain.
TraceLink's multienterprise work management tools facilitate communication and foster collaboration across trading partners, helping enterprises work together to resolve upstream and downstream supply issues fast.
Benefits of connecting pharmaceutical supply chain solutions on a digital supply network
By connecting and integrating multiple pharmaceutical supply chain solutions on the digital supply network, firms achieve a number of benefits, including:
- Greater visibility and coordination across stakeholders, contributing to improved decision making and demand planning.
- Improved productivity and efficiency.
- Enhanced agility by transforming linear and fragmented supply chains into dynamic and interconnected digital networks.
They can also establish flexible, efficient pharma supply chains that are truly responsive to changing market demands and bring life-changing therapies to healthcare providers and patients faster, thereby contributing to improved patient outcomes and higher quality healthcare.
Pharmaceutical Supply Chain Solutions FAQs
What are pharmaceutical supply chain solutions?
Pharmaceutical supply chain solutions are digital tools and technologies that organizations in the pharmaceutical industry use to streamline, automate, and optimize supply chain processes. They are currently being used to cut down on time-consuming manual processes, obtain greater supply chain visibility and efficiency, and minimize and mitigate risk.
How can blockchain be used as a pharmaceutical supply chain solution?
In the future, blockchain technology may be used in the pharmaceutical sector for supporting drug traceability efforts, combating drug counterfeiting and theft, monitoring and verifying cold chains, accelerating logistics, and improving product and process visibility across the pharmacy supply chain.
How can pharmaceutical companies benefit from the internet of things?
They can use IoT sensors, analytics software, and dashboards for remote monitoring and predictive maintenance of equipment in manufacturing, tracking inventory and optimizing floor space in warehousing, and managing and monitoring cold chain distribution of pharmaceutical products. IoT technology can be used to increase manufacturing efficiency, improve inventory management, and ensure product integrity and traceability across the pharmaceutical supply chain.