Tailor-made inventory solution for Pharmaceutical supply chain

Managing the biopharma supply chain is a challenging task, especially in the current global pandemic situation. To meet the rising complexity of the industry and the changing demands of business segments, there is a need for supply chain models that support the strategic priorities. The recent benchmarking supply chain model for pharmaceutical industries is the serialization of individual products. This approach is becoming the most effective strategy for pharma companies to address the ongoing challenges and tradeoffs they are facing nowadays.

For serialized data management, and advanced inventory system scalable to accommodate serialized data is used. The serialized inventory solution used the unique IMEI number of the products to track and manage inventory. Products that use serialization are generally more valuable. Serial numbers make it easier to track individual purchases from the production line until distribution to end customers. Serialized Inventory traceability improve the quality and efficiency of pharmaceutical drugs and equipment and minimize counterfeiting risks.

Why is Serialized Inventory Important for Pharma supply chain?

There are several reasons for which a tailor-made inventory solution for the pharma supply chain is important.

1. Regulatory Compliance

According to the new regulations governments of more than 50 countries, pharmaceutical products in the impacted markets will have unique identifiers in an order to secure the authentic supply chain from the infiltration of counterfeit, diverted, and adulterated products. With the existing constraints and emergencies, pharma supply chains are forced to be reactive at all times. Customized serialized inventory solutions and a high level of tracking service helps to focus on offering genuine products at greater speed and convenience.

2. Agility

Some segments of pharmaceutical industries now require a highly responsive chain due to Covid-19 situations such as Masks, corona testing kits, Oxygen kits, and more. This agility help pharma companies speed up productions, extend the life cycle of existing products, and be more responsive to changes in demand and new sales opportunities. Having a serialized tailor-made serialized inventory solution leads to agility which includes strategic use of inventory, effective distribution planning and scheduling, sourcing from multiple suppliers, and greater flexibility in production capacity.

3. Service

Serialized tracking and tracing ensure that the right products are at the right place at the right time. Pharma companies design their supply chains to focus on product availability. Through tailor-made inventory solutions, an analysis of demand patterns will reveal which products have predictable demand and requiring investments in capacity and inventory.

4. Priority-Driven Segmentation

To cope up with the competing demands and the inevitable tradeoffs, pharma companies must regulate their business priorities based on the customer as well as product segments. They also need to create tailored supply-chain strategies on different dynamics such as sales volume, product characteristics, demand volatility, customer needs, life cycle maturity, and competitive differentiation. Having a customized inventory for serialized data helps to generate sales reports and visualize data on these parameters to drive maximum profit for supply chain operations.

5. Cost-Effectiveness

Lean supply chain operations are critical when selling to evolving markets with significant pricing pressures, high competition against low-cost providers, selling products with low price margins generics, and OTC drugs. The serialized inventory solution aims for low-cost supply chain operations through streamlined processing, high capacity utilization, minimal complexity, and product loss, and process reliability to keep costs low while maintaining high-quality standards

Final Thought

The pharmaceutical companies embracing serialized inventory solution will finally have supply chains that ensure data transparency across the network and well-informed product coordination mechanisms. This serialized supply chain network helps rather than impede business strategic priorities and will help pharma companies gain a powerful competitive advantage.