How supply chain visibility will assist the biopharmaceutical industry in ensuring pharmaceuticals are safe for use
The temperature-sensitive nature of biopharmaceuticals such as vaccines means that stringent regulations must be followed to ensure their efficacy is maintained.
Maintaining an efficient supply chain is not only key for operational excellence in the pharmaceutical industry, but to also ensure the efficacy of medications. A research report conducted by Natalie Privett and David Gonsalvez highlights the most prominent issues that arise within the supply chain for the pharmaceutical industry. The article identifies multiple challenges, most notably human resource dependency, expiration issues, warehouse management, temperature control, and visibility. These issues can arise due to a lack of both end-to-end visibility and operational digitalisation. For an industry that is imperative for the health of the global community, pharmaceutical companies must ensure their supply chains operate efficiently.
Challenges that arise within the pharmaceutical industry must be addressed by policy makers and key stakeholders involved in the supply chain in order to improve supply chain visibility and ensure regulations are met. A report released by Statista in 2019 found that the global pharmaceutical industry is estimated to be worth USD $1.25 trillion making it one of the largest and most profitable industries globally. However, despite their significant size and global impact, a Business Continuity Institute report found that of their surveyed 400 responses 69% of all respondents said they did not have full supply chain visibility. The surveyed respondents were all involved with some segment of the pharmaceutical industry whether that be manufacturing or distribution.
The inability to maintain consistent end-to-end visibility over medications within the supply chain can lead to significant challenges. The temperature-sensitive nature of biopharmaceuticals such as vaccines means that stringent regulations must be adhered to ensure the pharmaceuticals have been handled and stored correctly. This is more important due to the monetary value associated with biopharmaceuticals and lengthy supply chain processes. The utilisation of asset tracking solutions will allow the pharmaceutical industry to improve their supply chain visibility, operational excellence and ensure medications are being handled appropriately during transportation.
Ensuring compliance with government laws and regulations is also vital for the pharmaceutical industry. The Australian Code of Good Wholesaling Practice for Medicines in Schedules 2014, sets out guidelines that must be complied with by all third party associates such as suppliers and distributers when importing pharmaceutical goods to Australia. Furthermore, The United States FDA enacted the Drug Supply Chain Security Act in 2015, to establish the mandatory tracking of all pharmaceuticals from 2023 onwards. These trends indicate that the global pharmaceutical industry is placing greater focus on ensuring supply chain visibility. Common issues such as temperature excursions, incorrect handling and tampering can be alleviated through the utilisation of innovative asset tracking solutions. By ensuring greater supply chain visibility is present pharmaceutical companies can better comply with stringent regulations.
Adapt Ideations’ innovative solutions assists the pharmaceutical industry to achieve greater supply chain visibility. Our range of solutions cater to the diverse needs and unique use cases of the cold chain sector including the pharmaceutical industry. The data collected allows companies to have a greater understanding of how their assets are handled and stored throughout the supply chain and the conditions that they experience such as temperature, humidity, light and shock detection. The utilisation of our innovative solutions will ensure companies have vital data on their high-value and temperature-sensitive products allowing supply chain visibility to be enhanced.
Enquire today at email@example.com to find out how you can improve visibility of your assets throughout the supply chain.