The pharmaceutical industry is in flux. Rising costs, complex supply chains and patient care concerns are just a few of the challenges keeping supply chain leaders up at night. But fear not, because the brand new LogiPharma Playbook 2024 is here to shed light on the trends and solutions shaping the future of pharma.
In Q1 of 2024, we surveyed 150 supply chain leaders and similar level executives from across Europe to uncover the bright future on the horizon for the pharma industry. We delved deeper into their challenges, aspirations and innovations, driven by a shared determination to make a difference. Our sponsors, Kinaxis, OneNetwork, Tive and YuanTing Cold Chain, seamlessly step into the role of thought leaders, generating transformative industry insights.
The critical question being asked by supply chain leaders: How are you unlocking the potential of new, innovative technology and digital networks? Financial pressure is mounting, and the pharmaceutical industry is no exception. But instead of panicking, supply chain leaders are getting tactical. We are seeing a shift towards back-to-basics optimisation, with a heavy emphasis on visibility and control.
The old ways of planning just won’t cut it anymore. Our survey reveals a whopping 57% of supply chain leaders are prioritising a complete overhaul of their processes. This means embracing innovative modalities, exploring outsourcing options, and ultimately building stronger internal capabilities.
The key to success? Optimising scheduling and resource allocation. With efficient systems in place, organisations can react quickly and confidently when the unexpected happens. Think of it as weatherproofing your supply chain: prepared for any storm.
Data is the lifeblood of the pharmaceutical industry, powering everything from groundbreaking research to efficient supply chains. But with this reliance comes a major challenge: keeping that data safe.
Our recent survey paints a clear picture – the pharma industry is a prime target for cyberattacks. Nearly a third (31%) of respondents identified data breaches and security as their biggest data management concern. This is unsurprising, considering the valuable assets at stake: research investments, groundbreaking discoveries and sensitive patient information.
In a world increasingly reliant on digitalisation, the stakes have never been higher. The pressure to secure data goes hand-in-hand with the drive towards greater efficiency. For pharma leaders, it’s a constant balancing act – harnessing the power of data while ensuring its protection.
The world is a complex place right now – geopolitical tensions are rising, and supply chains remain unpredictable. For the pharmaceutical industry, this means one thing: building resilience. Mitigating risk and finding innovative ways to weather disruptions are more critical than ever.
Our research revealed a worrying trend: drug shortages are having a negative impact on both patients and pharmaceutical companies. Respondents reported disruptions in patient care and access to medications. This translates into revenue losses and increased competition for pharma leaders.
But there’s hope! Leaders are actively seeking solutions. The focus in the short term? Improved planning and increased resilience. This will ensure greater stability and help organisations navigate the current challenges.
However, the long-term vision goes beyond just weathering the storm. Our survey also revealed a strong focus on sustainability. A large majority of respondents are committed to “creating a positive ESG impact” and implementing “more sustainable practices” in their supply chains.
This two-pronged approach is key. While building resilience is crucial in the short term, embracing sustainability offers a path to long-term growth. By combining short-term solutions with a long-term vision for the environment, pharma companies can chart a course for success in these uncertain times.
The LogiPharma Playbook is just about be released and our audiences are being given access to the bold, innovative actions their peers are taking towards change.
To learn more, download your free copy of the playbook for FREE here!
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- Source: https://www.iot-now.com/2024/03/21/143293-wbr-insights-presents-the-logipharma-2024-playbook/
