The pharma supply chain industry plays an integral role in healthcare. It also facilitates other sectors linked to the transportation and packaging of medicines. We see a significant shift in pharma supply chain events and technology has helped improve them.
However, there are numerous challenges that this industry faces today. Let’s have a look at the top five challenges that the pharma supply chain has to face:
Challenges of The Pharma Supply Chain
Cyber security
Cyber security is a challenge for any industry, but pharma supply chain events pose a disruption due to the fragmented distribution model of partners among global conference companies. The various divisions, like facilities, research arms, and medical device events, are all scattered in different places. The communication tool between them is through the Internet; therefore, cybersecurity is a big challenge.
The gap between operational management and the information technology departments related to this industry is far apart. There is also plenty of space for cybercriminals to invade. Ransomware attacks have caused losses for several pharma supply chain companies.
Counterfeit
The business of counterfeit drugs is on the rise. Considering the demand for medicines, numerous unethical elements try to take advantage of the manufacturing and shipping time. The clinical trial events need to be careful and safe. Moreover, counterfeit medicine can be a severe threat to patients. Pharma supply chain events must be efficient, and eradicating the counterfeit is a big challenge.
Cold Storage Losses
The pharma supply chain industry rests on cold storage equipment, especially for the transportation of medicine to other countries. If the equipment is not maintained, the drugs can get spoiled. Many medications require specific temperatures, which is possible with chillers and refrigerators. However, the medicines are lost if there is a power failure and no backup.
Losing revenue through product damage can lead to higher funds in the industry. This impacts clinical trial events and medical device events. If the supply of potent medicines is disrupted by poor cold storage, the industry and patients can suffer.
The pharma supply chain industry spends a lot of money on maintaining and installing cold storage equipment. The losses are tremendous if there is no adequate backup or if the supply is slow. The loss of medicines is not only monetary but also means that the clinical trial and medical device events could have been better.
Moreover, the risk of using ineffective medicine is a serious one. The best solution for this challenge is to ensure that global conference companies focus on the best cold storage facilities to reduce the chances of delay or spoiling of medicines.
Relying On A Single Region
Many pharma supply chain events rely on a particular region for medicines and the supply of medical devices. The global conferences company should focus on diverse markets to ensure a regular and smooth supply of medication. If a single region sends medicines to many other places, it will suffer over demand, lack adequate manufacturing units, and take longer to supply drugs. If the pharmaceutical industries from all over the world are working to meet the global supply, things will become better.
For example, the COVID-19 vaccine was being transported from America to various other regions, and it took a long time and added cost for cold storage. However, when multiple vaccines from China and Russia were introduced, we got to see a more rapid supply of vaccines, and it made people from all the states get their first shot on time. Finding a global conferences company that has excellent pharma supply chain facilities and can fulfill global demand can be a good solution.
Smaller Market Trends Like Home Deliveries
Supplying medicines to individual users at home is an added cost and requires more employees or partner courier services. The patients prefer online consultations and receive a virtual prescription. This prescription means the pharmaceutical company must package particular medicines and send them to a single patient’s doorstep on time. This development costs a lot as you have to look out for the new partners for the delivery service.
Moreover, the peril of home delivery also involves returns, exchanges, and money-back guarantees, which are speed breakers in the pharma supply chain events. The supply chain industry suffers from revenue losses and slow service due to individual ordering and the sensitivity of timely delivery. You can solve this issue by creating a separate department that looks after patients’ orders.
Last Words
The pharma supply chain industry has advanced drastically in the past decade. However, you must address some issues in the pharma supply chain events. The industry can overcome these challenges, but they have been a reason for the slow or sometimes obstructed supply of medicines. We have discussed all the challenges so readers can understand what issues can arise and what they must do to combat them.
