How to link the lab and marketplace stressless.
Drug shortages come with substantial costs for pharmaceutical companies. Poor medication delivery cuts your revenue, reputation, and valuable partnerships.
Long story short, there’s a little room for mistakes in your business.
While modern society is aware of their health and wellbeing as never before, better healthcare services become a strategic imperative. To serve the needs of health-conscious citizens, you need a sophisticated pharmaceutical supply chain management approach. With a bunch of manufacturers, distributors, and wholesalers, it becomes harder to operate your supply chain and manage risks efficiently.
As a crucial part of your business processes, smart pharma supply chain management can boost your profits, enhance the shareholder value, and help you to use assets efficiently. After a drug is launched, a large set of issues become dominant before it reaches the final stage.
According to PwC, today, pharma companies need to rethink their supply chain management towards the 2020 trends. Patient-related data become as important as the product itself. Environmental controls and regulations challenge you to review your operations. Adopting the emerging technology is a silver bullet to scale your coverage and provide better customer service. Here are 5 ways you can improve your operations and gain a long-term competitive advantage.
Consider the Regulations
To make sure your customer service is well, you need to understand not only your product but also its demands. Pharmaceutical compliance is a crucial element of your operations, so that you should be aware of various regulations.
Food & Drug Administration (FDA) covers every pharmaceutical activity, while the Drug Enforcement Administration (DEA) controls chemicals and opiate substances. Some of your products should also be compliant with the Department of Transportation (DOT) hazardous materials regulations.
Improve Your Quality Assurance
Quality control is an essential part of your pharma supply chain and brand reputation. Product quality leads to cost-efficient processes streamline and drives your sales day by day. While pharma supply chain management is a risky process, as we’ve mentioned earlier, high-quality products eliminate the risks or mistakes that can cost your business a lot.
Make sure your product quality is on a proper level by checking the manufacturer licenses, legislation issues, and product pre-/post shipment quality testing. Also, check the NDQCL recommendations and ensure the medicines’ registration process is ok. Again, there’s a little room for mistakes.
Ensure You Have The Digital Tracking Software
Numerous pharmaceutical companies are continually trying to enhance their supply chain management by simplifying it. While working with partners, you need to communicate and operate properly, which is possible only when you have a warehouse management software.
Different partners use different platforms to monitor drugs and routes. Gathering data from different operations help them to make data-driven decisions and create better inventory strategies. Make sure your company has adopted the latest digital solutions for warehouse management or has your own custom software.
Let your data work for you.
Examine your supply chain process, then try to simplify it. If you aren’t sure about the technical part, you can outsource it to the professionals. After you made your operations more consistent, and eliminated the unnecessary costs, take a look at your analytics.
It will help you to see the areas that need improvement, manage your supplier’s reputation, and get rid of the guesswork. Consider the supplier’s efficiency and make your partnership network expand due to your data-driven decisions.