The pharmaceutical industry is growing exponentially: according to McKinsey & Company, the worldwide value of pharmaceutical goods traded has grown sixfold in the past two decades. Pharmaceutical distribution is a high-stakes operation: shipments are high-value, correct temperature conditions are critical, and strict compliance is absolutely non-negotiable. Undetected in-transit issues in the cold chain can cost companies billions of dollars in lost revenue, to say nothing of the human livelihood at stake.
This report takes a closer look at the most prevalent challenges in pharmaceutical distribution that can be traced to poor data quality and a lack of visibility. We explore how real-time tracking of shipments accelerates the distribution of pharmaceuticals, and produces insights that allow supply chain leaders to overcome these challenges through proactive management decisions.
A lack of real-time, in-transit visibility can compromise pharmaceutical shipments in a number of ways. Without the ability to sense disruptive events, undetected shipment issues like temperature excursions or incorrect handling can result in damaged or destroyed products and millions of dollars in lost sales. Shipments that are delayed, damaged, or otherwise unable to be delivered on time and in full (OTIF) incur financial losses and logistical bottlenecks. Inability to gather meaningful insights on shipment data can lead to overstocking and “the bullwhip effect,” which negatively impacts operations. And, in pharmaceutical distribution, security threats and compliance-related issues are always omnipresent.
A solution that offers real-time visibility on the location, temperature, humidity, and security of pharmaceutical shipments provides the data needed to address the aforementioned challenges and improve OTIF rates. Actionable, in-transit alerts can allow for proactive management and responses when disruptions occur. And, better shipping predictability derived from data analytics supports leaner, more efficient, and more cost-effective operations.
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