Pharmaceutical Executives Cite Supply Chain Visibility as a Key Solution to Alleviating Product Loss and Safety Concerns, While One Third Dissatisfied with Current Solutions
CHICAGO, December 7, 2021 (GLOBE NEWSWIRE) – While about half of pharmaceutical organizations have already deployed visibility technology to track raw materials and better plan their manufacturing, many are dissatisfied with the capabilities of their current solutions. As a result, more than nine in ten executives plan to implement a more robust digital supply chain (DSC) visibility solution over the next 12 months. That’s according to “The Pharmaceutical Supply Chain: Closing the Visibility Gap,” a new report released today by FourKites, provider of the world’s leading platform for real-time supply chain visibility, and Accenture (NYSE : ACN).
Many existing visibility solutions do not take into account the unique nature of pharmaceutical supply chains, including cold chain shipping, availability of raw materials, security of in-transit shipments, strict control measures temperature and quality and high inventory costs. COVID-19 further highlighted the acute need for visibility at every node in the pharmaceutical supply chain. According to Dive into the supply chain, vaccine losses due to temperature swings cost an estimated $ 34.1 billion annually, while the The United Nations reports that greater supply chain visibility in the cold chain could have saved 1 billion vaccines during the COVID pandemic. *
“Only end-to-end visibility and insight into the supply chain can provide pharmaceutical manufacturers and healthcare providers with the adaptability, precision and agility needed to deliver the best patient care and reduce waste, ”said Mathew Elenjickal, Founder and CEO of FourKites. “Proactive notifications and ongoing monitoring of vaccines and other supplies are the best way for manufacturers and sellers to ensure that a product is not outside of recommended temperature ranges. “
To better understand the state of the pharmaceutical supply chain, FourKites has partnered with Accenture to survey supply chain executives working in the pharmaceutical, biotechnology, cellular and gene industries, medtech and other related industries. Among the findings, 32% of executives identified product protection and the need for quarantine as their biggest issues in transporting and storing goods, while nearly 50% cited safety and temperature reports. like the biggest problems. Beyond real-time temperature and safety reports, the survey revealed numerous supply chain visibility opportunities to help improve inbound challenges and operations.
“The survey results underscore the growing importance of end-to-end supply chain visibility in the pharmaceutical space to mitigate these lingering issues,” said Gregory Demitrack, Life Sciences, Strategy & Consulting Manager, Accenture. “Accenture was delighted to partner on this research with FourKites, the pioneer and clear leader in real-time supply chain visibility solutions, which will be an important step in drawing attention to the alleviate these problems. “
60% of organizations see quality assurance as the key factor in improving security and visibility requirements, followed by 51% of companies who focus on improving customer experience and 40% on operational execution.
When it comes to inbound supply chain challenges, 39% of those surveyed identified vendor manufacturing visibility as the biggest issue, echoing concerns of quality assurance as a key driver of business. ‘innovation. Supplier compliance, product visibility and transit time were identified as key barriers by 37% of those surveyed.
“Real-time visibility is a cornerstone for us to support a customer-centric ecosystem of healthcare products, supply chain solutions and adjacent services,” said Joshua Dolan, vice president of global logistics at Cardinal Health. “We’re bringing all the components together on our platform to be on top of what’s going on, and that will unlock our supply chain to perpetually operate at the highest level. Visibility allows us to actually see – it’s really hard to collaborate when you can’t see what’s going on.
As the pandemic and unprecedented disruption continue to challenge pharmaceutical supply chains around the world – including raw material shortages, shifts in demand patterns and resource shortages – FourKites is helping leaders in the industry to track critical medical supplies from origin to final destination, reducing costs and ensuring compliance with essential pharmaceutical quality standards. Over the past six months, FourKites has seen a more than 40% increase in tracked shipments for pharmaceutical customers; a 20% increase in carriers serving pharmaceutical customers; and an increase of almost 50% in the total number of kilometers driven by pharmaceutical customers. A global pharmaceutical customer saved $ 5.5 million in holding fees and penalties alone by using the FourKites platform to track their shipments. FourKites was also named a leader in the recent CB Insights report Pharmaceutical Supply Chain ESP Supplier Assessment Matrix, citing the company’s superior ability to help pharmaceutical customers keep up with changing critical demand, mitigate disruption and protect products in transit.
To learn more about the report’s findings and the critical importance of supply chain visibility for pharmaceutical companies, register for the next FourKites webinar, “Modernizing pharmaceutical supply chains”, with Gregory Demitrack of Accenture, responsible for supply chain and operations strategy and advice.
FourKites® is # 1 supply chain visibility platform globally, extending visibility beyond transportation to courtyards, warehouses, stores and beyond. Tracking more than 2 million shipments per day by road, rail, ocean, air, parcel and courier, and reaching 176 countries, FourKites combines real-time data and powerful machine learning to help businesses digitize their shipping chains. end-to-end supply. Over 750 of the world’s most recognized brands, including 9 of the Top 10 CPGs and 18 of the Top 20 agribusinesses, trust FourKites to transform their businesses and create more agile, efficient and sustainable supply chains. To find out more, visit https://www.fourkites.com/.
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