The pharmaceutical supply chain is critical from both a profit and safety standpoint. According to the World Health Organization, up to 50 per cent of vaccines are wasted each year. According to reports, pharma cold chain failures cost the industry around $35 billion per year. The Centers for Disease Control and Prevention (CDC) in the United States reported that at least 15 million doses of the COVID-19 vaccine were thrown away in just six months last year. And to a great extent, errors in the supply chain contributed to this loss.
Thus, the challenges are numerous in terms of efficiency, transparency, safety, inventory management, and removing counterfeit drugs from the supply chain. However, the cloud has emerged as a solution to many of these issues. It is being used more and more to improve efficiency and transparency, as well as reduce overall costs and delays through better coordination. Cloud computing has grown in importance as data has become increasingly important in logistics.
Cloud-based supply chain analytics can help pharmaceutical companies gain insights into their supply chain performance through data visualisation, reporting, and predictive analytics.
Through route planning, real-time tracking, and automatic dispatching, cloud-based solutions improve transportation and distribution processes. This can result in faster delivery and lower costs. Cloud-based inventory tracking can monitor stock levels and reorder items as needed, with real-time updates and notifications, as well as analytics on inventory turnover and stockouts, reducing waste. Cloud-based supply chain analytics can help pharmaceutical companies gain insights into their supply chain performance through data visualisation, reporting, and predictive analytics. Such analytics will aid in the identification of bottlenecks, the optimization of processes, and the overall efficiency of the supply chain.
The analytics can assist in the identification of issues such as late deliveries, high inventory costs, or poor supplier performance. Pharma companies can use this information to make data-driven decisions to improve supply chain performance by identifying more efficient routes, reducing lead times, or negotiating better terms with suppliers. It also provides visibility, forecasts, and predictions in real-time. Companies can use this to mitigate and manage potential supply chain disruptions, such as changes in demand or disruptions in raw material supply.
Overall, cloud-based software can provide significant benefits to the pharmaceutical logistics supply chain by improving visibility, coordination, and automation, as well as lowering operational costs, improving delivery times, and increasing customer satisfaction.
