• Industry experts note visibility as the biggest Pharma logistics Supply Chain Challenge
• Healthcare tapping into the potential of an increasingly connected world
• ‘IoT’ the cure for industrial connectivity in pharma
• Greater visibility allows for efficiency improvement, costs reduction and an undeniable competitive advantage.
The logistics industry is experiencing a boom, led by the pharmaceutical industry, in the demand for shipping temperature sensitive items. The cold chain, as it’s known in the industry, is the name for the specific supply chain sector dedicated to ensuring the safe delivery of items susceptible to temperature variants, hot or cold.
At the end of 2016 the revenue from shipping in this sector reached almost $1,000 billion and has since shown no signs of slowing. As shipments, revenues and volume increases in the pharmaceutical industry so too do the problems noted by those in the industry creating plenty of room for improvement. In a study by DSV of 67 pharmaceutical supply chain executives, visibility and transparency of shipments featured heavily as the most prominent challenge that they are faced with.
When asked about the biggest challenges in the pharma supply chain the top two responses were areas with close ties in supply chain visibility and quality of service. While these problems exist IT integration is listed much further down the challenges, suggesting that the technology and resources to fix these problems are not of concern, but the lack of a solution that is scalable and implementable on a global level.
Seeing the gap and emerging need for cold chain shipping many logistics providers have set up entire speciality divisions to deal with these industry specific requirements. Recognising the issue of visibility, experts in the field of pharma logistics have pointed towards technology and a further connected world as the key to improving the state of the cold chain. Described by some as the fourth industrial revolution a world of connected objects, assets and products, known as the Internet of Things, is well and truly here.
“Innovation is the engine that improves efficiency, reduces costs and generates competitive advantage.”
