Whether you’re an emerging market company or a multinational enterprise, Alnowras provides a unique and comprehensive Pharmaceutical Logistics Supply Chain Management Solution that enables you to improve your efficiency, increase your visibility, and control your inventory. It’s designed to deliver a digital business network that makes it easy to manage all your supply chain activities in real time, from procurement to shipment.
Visibility and traceability
Supply chain visibility helps pharmaceutical enterprises achieve more efficient transportation management, enhance product quality, and minimize costs and delays. It enables pharma companies to respond to disruptions more quickly. Increasingly, supply chains have been exposed to globalization.
The increasing rate of shipment rates has created a number of new challenges for pharma companies. These problems include delays, cancellations, and increased shipping rates. With a lack of visibility, these factors increase risk. In addition, it is more difficult to understand the source of issues. A lack of visibility leads to waste, which in turn increases risk.
As a result, companies need to track shipments in real time. They also need to know their location, condition, and status. When shipments are not tracked, they can become vulnerable to theft.
To avoid these challenges, pharmaceutical companies must increase their supply chain visibility. This can be done by implementing a number of solutions. For example, temperature data loggers can provide real-time information about shipments’ conditions. Temperature data loggers can help track the conditions of products while they are being transported, which can help improve product quality.
Another solution is to use a track-and-trace platform. Such solutions can help pharma companies manage drug recalls and digitally connect stakeholders.
The FDA is requiring greater traceability in the pharmaceutical supply chain. The agency is establishing provisions for manufacturers, wholesale distributors, repackagers, and third-party logistics providers to create an electronic traceability system.
Creating end-to-end visibility in a pharmaceutical supply chain can help reveal gaps in technology and business processes. Data is then analyzed across tiers of the supply chain, enabling accurate data to be shared and aggregated. Having one digital view of the supply chain can also help pharmaceutical companies better predict and respond to disruptions.
It is important for all health care industries to adopt an effective inventory control policy. Proper inventory control enables hospitals to maintain a steady supply of medicines at a lower cost. Inventory management also helps hospitals reduce risks of expiration and stockouts.
Demand forecasting is an important component of inventory management. Achieving accurate demand forecasting requires a reliable statistical methodology. Studies have found that proper demand forecasting helps healthcare organizations respond to demand fluctuations and ensure patient satisfaction.
The use of a demand forecasting method enables hospital pharmacies to make better decisions regarding the supply of medicine. Accurate demand forecasting also assists the SC to fulfill patients’ needs on time.
Recent research has suggested that demand forecasting plays an essential role in improving the performance of the PSC. For instance, the study by Alfonso and Lizarazo (2020) assessed the impact of two mathematical models. One model ignored the influence of seasonality, delivery lead times and transportation resource availability on product availability. This simple model offered good predictive accuracy, but it failed to anticipate predictable changes in demand.
Research has also shown that inventory control policies must be improved in order to avoid the risks of stockouts. Max-min inventory policies, for instance, promote ownership and facilitate adherence to management rules. However, these policies may not be able to prevent systematic stock-outs.
Research has indicated that inventory control processes must be streamlined towards customer demands. For example, the “informed push” model requires input from health facilities and logistics operators to measure inventory levels.
Having an effective inventory management policy has been a concern for many health systems. Many of them have found it difficult to achieve their goals. While the majority of them have some basic inventory management maturity, a growing number are focusing on improving their practices.
A pharmaceutical supply chain is about more than just drugs. It involves a myriad of other components, including but not limited to packaging, transport, distribution, safety and regulatory compliance. For example, some products may need to be stored offsite to prevent exposure to other products such as food, which could affect their potency. The same goes for a company’s burgeoning inventory, which might need to be moved to a more suitable home.
One way to accomplish this feat is to use a third-party logistics provider (third-party or 3PL), such as Enhance Oman, which manages over 450 employees and 150 vehicles in six locations across the Sultanate of Oman. They boast a full Oracle WMS (warehousing management system) and a team of savvy logistical gurus. As a result, customers enjoy the peace of mind of knowing their products are in the best hands possible. In turn, employees can focus on other tasks, like providing customers with the best possible customer service. Ultimately, this means less tampering with product and more efficient flow of goods. This also translates into better quality and happier customers, a win-win for everyone.
In particular, companies with a large number of products in various stages of transit or at different points of distribution will have to engage a third-party if they want to maintain the highest level of quality. That said, a savvy 3PL will be able to accommodate customers’ ever-changing needs and desires without breaking a sweat. With the right warehousing solutions in place, pharmaceutical companies can finally rest easy, knowing that their most valuable assets are safe and secure. All this while reducing overall operating expenses. And the best part?
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Digital business network
Pharmaceutical companies face a number of challenges. Among them, maintaining the quality and consistency of drugs, ensuring on-time delivery, and controlling the costs of a complex and often inefficient supply chain.
Fortunately, there are solutions available. One of them is a digital business network. It allows pharma companies to better collaborate with their supply chain partners. This solution eliminates manual and error-prone processes, and helps companies gain real-time visibility into their operations.
Companies also benefit from the ability to track key performance metrics. This gives them the information they need to make accurate forecasts. In addition, it gives them the opportunity to respond to disruptions. Having access to real-time data helps pharma companies analyze the performance of their operations, and react quickly.
Another benefit is that digital networks can share and track important information across the supply chain. This makes it easier to identify security threats. The Internet of Things (IoT) also makes it possible to monitor products and environmental requirements.
For example, many pharmaceutical companies are now using blockchain to track counterfeit items. Blockchain has great promise for precision real-time asset tracking. As well, it can be used to pinpoint at-risk suppliers and prevent information leaks.
These digital tools can also help pharma companies increase the efficiency of their operations. For instance, by monitoring environmental requirements, companies can better ensure that their operations are sustainable. They can also create more individualized products.
Digital networks also make it easier for pharma companies to communicate with their supply chain partners. This reduces time and expense of point-to-point data integration projects. Using this approach, companies can leverage real-time data from all their trading partners, including manufacturers and distributors.
Emerging markets offer a plethora of opportunities for pharmaceutical companies. They are also a source of strategic growth for the industry. However, growth in these markets is slowing.
Pharmaceutical companies need to build supply-management organizations in emerging markets. This can be done through partnerships with domestic firms, as well as through greenfield investments.
For instance, Novartis recently launched a management-development program called LEAD. Participants attend workshops, participate in projects, and work with mentors.
The program is designed to strengthen the leadership of future pharma executives. It was rolled out in 16 emerging markets. These markets include India, Mexico, Indonesia, Turkey, and Brazil. During the past year, drug sales in these countries grew 7.4%, according to Erbitux.
Drug spending in the developing world was surging, attracting drugmakers looking for new sources of revenue. In addition, populations were expanding and disease patterns were changing.
The emergence of the BRIC countries, or Brazil, Russia, India, and China, provided drugmakers with a golden opportunity. Their economies offered growth, and they were able to attract middle class consumers who could afford to pay for meds. As the population of the BRICs increased, governments invested heavily in healthcare systems.
The emergence of the middle class also created a need for drugs against infectious diseases. To meet this need, pharma companies developed a strong access-to-medicine strategy.
Pharma organisations are investing in packaging and shipping materials to protect products against high temperature variations. They are also implementing quality assurance measures from their cold chain logistics providers.
There is a need for advancements to reduce cost, meet regulatory requirements, and ensure security. Advancements can be in the form of increased quality assurance, better supply chain software, reduced environmental impact, or improved patient safety.