The eradication of widespread diseases has historically been achieved through the large-scale introduction of vaccinations. Over the decades, vaccines have become a necessity in most professional spaces, educational institutions, and countries. With the aim to avoid and eradicate diseases such as polio, smallpox, and malaria, the vaccine market has grown from a niche sector within the pharmaceuticals industry to an exponential and crucial market. Experts forecast further growth for the market; however, pharmaceutical companies continually struggle to maintain a streamlined, efficient, and durable supply chain.
Demand planning is the first step toward maintaining a healthy supply-demand balance and the foundation for an optimized supply chain. This process helps companies forecast demand, efficiently manage inventory, improve sales and operations, and reduce costs. As the vaccine market grows and becomes increasingly challenging, avoiding supply-demand mismatch has become more complex. Therefore, in this article, Infiniti’s demand planning experts provide insight into significant challenges in the vaccine market and discuss how demand planning solutions can help companies overcome them.
The vaccine market is growing exponentially, and companies must ensure their supply chain strategies are efficient and current. Request a free proposal to learn how Infiniti’s demand planning solutions can help you prepare for industry developments and growth.
Significant Supply Chain Challenges and Demand Planning Solutions
The vaccine market has grown exponentially due to increased focus on public health, awareness about vaccines’ impact, and rising government expenditure. However, growth and expansion are often accompanied by various supply chain challenges. With demand planning solutions, pharmaceutical companies can identify, evaluate, and tackle these challenges within their supply chains and improve their overall performance. To further illustrate the impact of demand planning in the vaccine market, Infiniti’s experts discuss significant market challenges and potential solutions.
Challenge 1: Increasing Awareness Regarding Preventable Diseases
The most significant factor encouraging the adoption of vaccines is the potential of avoiding preventable diseases. Due to the commonly hectic and unhealthy lifestyle led by individuals across the globe and the deteriorating environmental condition, there has been a significant increase in various chronic diseases. Therefore, consumers are inclined to take precautionary steps to avoid any detriment to their health, including healthier habits and vaccinations.
These changes have led to significant growth in the industry, and as demand increases, supply chain challenges become increasingly complex. With demand planning solutions, companies can forecast demand, analyze the growing market, and ensure no disparities between supply and demand. This, in turn, enables efficient inventory management, helps reduce holding costs or a waste of inventory, and ensure order fulfillment.
Vaccines have become a global necessity, and as they tackle preventable diseases, demand planning tackles potential supply chain complexities. Request more information to gain further insights into the vaccine market’s current challenges and demand planning solutions.
Challenge 2: The Impact of a Crisis – COVID-19
A medical crisis, a pandemic, or a sudden need for vaccines, can set market players back significantly if they are not prepared. Therefore, maintaining an agile, data-driven, and efficient demand planning strategy is imperative to growth and success. Although predicting potential crises may not be possible, proper demand planning can help avoid demand shortfalls. Currently, the COVID-19 pandemic has led to a significant focus on developing and distributing a new vaccine. This sudden development requires quick, efficient action and a comprehensive plan.
Due to the COVID-19 pandemic, the pharmaceutical industry and vaccine market players search for solutions to long-lasting supply chain problems and complexities. With demand planning, companies can analyze relevant data, ensure their supply chain supports the operations required, and increase demand for the COVID-19 vaccine.
Challenge 3: Innovation and RNA Vaccines
Medical advancements have created a space for faster, inexpensive, and safer alternatives to traditional vaccines. RNA vaccines are a prime example of innovation and development in the vaccine market. The process can be standardized, and experts state that RNA vaccines can tackle allergies, cancer, and various infectious diseases. Preparing supply chains to develop and produce new products is crucial in this competitive and growing market.
Demand planning solutions can help companies keep abreast of industry developments, innovations, and upcoming changes. With continuous and relevant data, market players can forecast demand, strategize for the distribution of new vaccines, and keep pace with consumers’ changing needs.
Innovation, COVID-19, and exponential growth have challenged vaccine market players. Speak with our experts to learn how our demand planning solutions can help your business overcome these market challenges.