As a part of the Express Pharma’s January 2023 cover story, Nisschal Jaain, Co-Founder and CEO, Shypmax, shares his views below.
The pharma supply chain is performing below par while being a $50-billion industry in India. The COVID-19 pand emic has uncovered the dent in the pharma supply chains with a lack of skilled personnel and digital transformation. Inventory turnovers are behind schedule, demand fulfilment is inefficient, and overall process capacity and efficiency trail far behind those of a top-tier manufacturing facility.
The sector’s top executives believe there is a need for better visibility, cooperation and control. For instance, they require real-time information on the location and status of a shipment. They also want capacity data and production projections. Such information is frequently on paper, in excel format, or in traditional data management systems, which are difficult to find. Things are changing since the century’s worst tragedy, the pandemic, hit the globe.
The logistics industry has quickly adapted to the changing needs of the pharma industry in the post-pandemic phase. It has embraced many new ideas about building and strengthening the supply chain for effective distribution in the pharma industry. Globally, the industry has been forced to innovate and adapt to demand, highlighting how inter-dependent countries are for a continuous and smooth supply chain. Moreover, the industry has understood the adaptation of cutting-edge technology, which has played a curious role during the pandemic.
The technology adoption rates by the logistics industry are increasing for things such as Artificial Intelligence (AI), cloud computing, blockchain and the Internet of Things (IOT).
The next generation of logistics solutions is building a more customer-centric and sustainable global supply chain. Digitisation provides a sustainable solution for pharma industry’s supply chain challenges. Acquiescence, traceability, end-to-end visibility, limiting error, quality assurance and process efficiencies are some crucial challenges that can be addressed through advanced technology. End-to-end supply chain visibility is only possible with digitalisation and capturing data from various sources. In order to provide a comprehensive picture of a supply chain, end-to-end monitoring enables data to be consolidated, transmitted and evaluated across different layers.
Every supply chain partner can access a single digital file containing up-to-date and accurate data, whenever required.
Blockchain is another evolving technology that can be transformative in improving the quality of the network as a whole. It can add better value to tracking, monitoring and reducing issues in the supply chain and make logistics seamless, easier and quicker by creating platforms where logistics players can share the details in real-time. It can also enhance the security, integrity and data privacy of the pharma supply chain because of its transparent, binding and auditable nature.
It also permits all the stakeholders involved in the supply chain to update and share real-time and precise information via software. Additionally, it can secure the supply chain processes and improve their integrity, data derivation, functionality and traceability until the point of delivery.
The effort put out to comprehend various stakeholders, the data they require, the channels for collaboration that are available, as well as the technology, are crucial components of effective end-to-end control. Companies may improve sustainability and cut costs by addressing the inefficiencies in their current processes with the help of end-to-end supply chain visibility and stability data. By providing pertinent information to all parties, including producers, wholesalers, distributors, pharmacies, customers, hospitals and other medical facilities, a control tower offers visibility from beginning to finish. Operators can then monitor shipments during their voyage and ensure that the patients receive the packages in sound condition.
To read mores stories in the January 2023 edition, read our digital issue at: https://www.expresspharma.in/express-pharma-january-2023/
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Great insight