The rapid pace of developments in the pharmaceutical industry has contributed to the growth of the pharmaceutical logistics sector. Despite this positive growth, lack of coordination, temperature control issues, and warehouse management hurdles are increasing challenges for companies operating in the pharmaceutical logistics industry. To sustain in the long-run, pharmaceutical logistics companies will need to tackle the industry challenges coming their way and revamp their traditional supply chain processes.
Supply chain leaders in the pharmaceutical logistics industry must ensure the dynamic monitoring of forecasts in order to react quickly to inaccuracies. Our market intelligence experts can help you achieve this strategic objective. Request a FREE proposal.
The client is a pharma logistics company based out of Italy.
Owing to increased product offerings, inventory requirements grew as well. However, the lack of a coordinated and flexible supply chain model made it difficult for the client in delivering drugs on time. Consequently, the client’s customers started depending on other counterfeit alternatives. Also, the company started losing ground to its competitors.
In addition to these challenges, the pharmaceutical logistics industry client faced difficulties in adhering to the safety requirements and reducing the likelihood of product damage during transportation. The client wanted to identify supply chain risks in the pharmaceutical logistics market and identify ways to reduce the likelihood of product damage. Also, the pharmaceutical logistics industry client wanted to analyze how the top companies in the market ensured uninterrupted supply of products. They chose to partner with Infiniti Research to leverage their expertise in offering market intelligence solution.
Our Integrated Approach
Firstly, the experts at Infiniti Research worked closely with the client’s operations and production teams to understand the company’s supply chain complexities. This involved identifying the client’s key suppliers, determining the origin of supply, and evaluating supply chain complexities.
Secondly, our experts estimated the pharmaceutical logistics industry client’s inventory along the value chain. This involved identifying the client’s key suppliers and understanding their ability to meet supply requirements.
Thirdly, our experts leveraged advanced statistical forecasting to obtain a realistic insight into base demand and developed a demand-forecast strategy. Also, our experts gained visibility into the pharmaceutical logistics industry client’s Tier 2 suppliers as they would impact the order fulfilment process of Tier 1 suppliers.
The final phase of the engagement involved refining the client’s inventory strategy to mitigate the risks of supply shortages while balancing cash flows and perishability.
We can help you enhance your supply chain efficiency and better manage inventory needs and requirements. Contact us today!
With Infiniti’s market intelligence solution, the pharmaceutical logistics industry client was able to identify the company’s key suppliers and understand their ability to meet supply requirements and potential risks. Also, the client was able to work with Tier 1 suppliers on alternative plans and proactively alter supply chain plans to keep manufacturing running at maximum efficiency. As recommended by the experts at Infiniti Research, the client embraced new digital approaches to illuminate the supplier network and gain visibility into critical component supply.
The pharmaceutical logistics industry client was also able to understand and activate alternate sources of supply. Besides, the client was able to update inventory policies and planning parameters. Also, they were able to refine their inventory strategy to mitigate the risks of supply shortages while balancing cash flows and perishability.
The experts recommended the pharmaceutical logistics industry client to develop modularized production units that can be mobilized across different sites to help manage supply shortages during times of crisis. In addition to this, the client was able to obtain a realistic insight into base demand, ensure dynamic monitoring of forecasts to react quickly to inaccuracies, and optimize production and distribution capacity. With Infiniti’s market intelligence solution, the pharmaceutical logistics industry client was also able to create transparency on the multitier supply chain, estimate the inventory along the supply chain, devise a demand-forecast strategy, and manage cash and net working capital.
Moreover, they were able to understand strategies undertaken by their key competitors to reduce product damage and manage temperature control challenges. This further helped them to efficiently deal with product safety challenges and reduce the likelihood of product damage. In addition, by understanding supply chain risks in advance, they were able to take strategies to mitigate them. Consequently, the company in the pharma logistics industry was able to reduce supply chain costs by 25% in one year.
As COVID-19 pandemic continues to spread worldwide, business leaders must revisit their supply chain strategies and build capabilities to respond to immediate challenges. We can help you to build a resilient supply chain. Request more info to gain insights into our COVID-19 business continuity support solutions.