The Global Pharmaceutical market has doubled in volume in the past ten years. But the industry is expected to witness several transitions, mainly due to the patent rights for various widely used medicines about to expire and a geographic shift in the production locations and the sales markets with Asia and South America in particular becoming major attractive markets. With the global spending on medicines expected to reach $1.5 trillion by 2021, the global Pharma industry’s expansion relies heavily on developing warehouse structures and outsourcing to logistics service providers which leads to cost reduction and greater visibility in supply chain.
Pharma Logistics allows the companies to establish efficiency and consistency across the international supply chains network. Similarly, in order to maintain a continuous growth in outsourced services from the Pharma companies, the Pharma logistics need to keep the confidentiality, offer reliability and continuous improvements and comply with all the legalities.
A Management’s ability to achieve a nearly risk-free environment is centrally dependent upon the visibility technology that augments Pharma analytics and intelligence into every step of the Pharma supply chain. Businesses can drive efficiency benefits, reduce inventories and improve their fulfillment rates with an insight into producer’s supply rate, in house inventory, customer sales projections, and shipment lead time with the help of Pharma data. Furthermore, the Pharma analytics companies facilitate decision making and create an environment of increased awareness to deal with technicalities and manage exceptions effectively.
The Pharma Analytics companies such as DCube powers data driven transformations with their experts seamlessly combine the data, strategies and advance Pharma analytics to change the way the healthcare companies think, decide and carry out their decisions with the help of an integrated roadmap to impact. Pharma analytics can help the companies get evidence based insights to solve the problems that hinder the health care using an immense amount of patient data to offer cost effective health care, increase revenues, drive ROI, sustainability and promote and a healthier population. The Pharma Analytics companies serve as a medium to create data warehouses and infrastructure with an aim to capture aggregate, process and visualize the data to support medical services. Thus, Outsourcing now serves as a strategically ongoing process in the company’s overall advanced Pharma technology.
The pharmaceutical supply managers, in general, are capable of selecting and managing LSPs with only exceptions being the area of continuous improvement. Since innovation is the engine that enables cost reduction, improves efficiency, and provides an upper edge. Without innovation, the Pharma logistics will not be able to maintain long term profitable relationships. Therefore, innovation along with specialization is the key to the success of an LSP in the global Pharma industry.
Among all the type of services likely to be outsourced, invoicing and cash collections show significant growth prospects with the product release and assembly being less likely perhaps due to preference to maintaining a control over the latter categories. This perception of control loss is a major hurdle for starting logistics service providers which make a group of Pharmaceutical companies to believe that they can perform better job than Logistic service providers (LSPs).
availability at all times.
Big data possess a great deal of significance for healthcare industry and the analytical solutions provided by Dcube helps in tackling the key Big data challenges in healthcare industry. This would mean a comprehensive leap for the healthcare industry towards better overall patient experience, cost reduction and better implementation of strategies.