Pharma executives cite supply chain visibility as critical solution to alleviating product loss and security concerns, while one-third are dissatisfied with current solutions.
While approximately half of pharmaceutical organizations have already deployed visibility technology to track raw materials and to better plan their manufacturing, many are dissatisfied with the capabilities of their current solutions. As a result, more than nine in 10 executives plan to implement a more robust digital supply chain visibility (SCV) solution over the next 12 months. That’s according to “The Pharmaceutical Supply Chain: Closing the Visibility Gap,” a new report issued today by FourKites, provider of the world’s leading real-time supply chain visibility platform, and Accenture.
Many existing visibility solutions fail to account for the unique nature of pharmaceutical supply chains, including cold chain shipping, raw material availability, security of shipments in transit, stringent temperature and quality control measures and high inventory costs. COVID-19 further highlighted the acute need for visibility at every node along the pharmaceutical supply chain. According to Supply Chain Dive, vaccine losses due to temperature excursions cost around $34.1 billion annually, while the United Nations reports that greater supply chain visibility into the cold chain could have saved 1 billion vaccines during the COVID pandemic.
Access the full report here.