The environment in which Pharmaceutical and Life Sciences companies operate is increasingly complex, being driven by a more and more demanding healthcare agenda. The global need for innovative, cost effective medicines continues to rise whilst patients are demanding greater value for money, proven effectiveness of products, more transparency and access to information. To meet these demands companies are seeking ways to improve their operations efficiency, enhance financial performance, and optimize logistics planning and execution.
In a PwC Health Research Institute executive survey, 94% of pharmaceutical and life sciences executives and 86% of provider executives said that improving their supply chain overall was a priority in 2021. To achieve this, they plan a range of activities to make their supply chains more resilient.
Moreover, nearly 60% of respondents in the Pharma Logistics IQ-TransVoyant survey invest in end-to-end visibility and almost 40% have fully operational solutions. This contrasts with other survey responses, however, where respondents cited challenges such as a lack of willingness to spend money; 39% said budget constraints were the main challenge and 25% faced obstacles in building a business case. Investment in end-to-end visibility often tends to be low, making it hard to achieve true, real-time, global supply chain transparency with strong live situational awareness.
The COVID-19 pandemic has left no aspect of the global healthcare industry untouched. Healthcare organizations are facing unprecedented challenges as developers and providers of essential products and services. Adding to the complexity are the risks inherent with cold chain shipping and the security of medicines and medical devices while in transit. Such parcels require 24/7 monitoring, ensuring patients’ safety, product quality, and cost avoidance.
In order to ensure the uninterrupted supply of the products around the world, global supply chain leaders must utilize digitalization to enhance end-to-end supply chain visibility and invest in key logistics technologies (i.e., Control Tower, IoT and RTM).
Digitalizing Temperature Control Logistics (TCL) can provide global supply chain leaders with a Common Operating Picture of the life and condition of all customer orders, enabling them to understand time delays, product condition and external events to continuously improve patient safety, logistics planning and execution and eliminate discards.
Through live global supply chain situational awareness (SCSA), lane risk assessment and TCL, one global Pharmaceutical company conducted enough shipments interventions to prevent over 1 million discards of medicine doses by reacting and responding in real-time to temperature excursions, and is currently actively monitoring 100’s of lanes via 1,000’s of IOT devices.
Their team was able to develop a TCL solution for global delivery and quality business divisions via automation, exception management, analytics and reporting.
Key program features included:
– Automated reporting of SOP compliance and adherence to carrier, lane, route and thermo-packaging units
– Seamless end-to-end connection of order, shipment, IOT, carrier, mode and external event information
– Machine Learning powered predictive insight and automation provides daily and aggregated operational intelligence.
By leveraging these tools, pharmaceutical companies can transform and automate their entire shipment intervention process, benefiting quality and audit team workloads, reducing manual reporting claims and lowering insurance premiums.