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Improved supply chain visibility can help global pharmaceutical and medical device suppliers overcome the many logistics challenges they face post-pandemic. Internet of things (IoT) and blockchain technologies offer promise to address the growing demand for product traceability and transparency. Read our second blog in this series to learn more.
The COVID-19 pandemic exposed major supply chain weaknesses in the life sciences industry as the industry experienced skyrocketing demand for innovative medical products.
Enterprises struggled to keep operations running amid the pandemic without adequate supply chain product visibility or unified systems to provide needed data to improve logistics performance.
Most companies lack the analytical tools to completely integrate and analyze data from various systems at all levels – from the plant’s local work centers to the world’s end-to-end supply chain.
As a result, the massive data generated during the pandemic provided little usable information and insights.
Supply chain visibility can help enterprises overcome these challenges and build more robust and effective supply chains by tracking medical products in transit and providing a clear view of the inventory and activity.
Let’s look at the factors that are driving enterprises to invest in supply chain visibility.
The industry also is being hit by losses due to expired, non-compliant, or recalled products that have problems with temperature parameters or other issues. According to the U.S. Food and Drug Administration (FDA), 281 drugs and 50 medical devices were recalled during the two years of the pandemic
Local regulatory frameworks are being implemented to provide more product visibility. For example, the Indian government has mandated life sciences enterprises include Quick Response (QR) codes on Active Pharmaceutical Ingredients (APIs), effective January 2023
Similarly, the European Union (EU) Medical Device Regulation (MDR), which regulates the production and distribution of medical devices, mandates MedTech enterprises place a Unique Device Identifier (UDI) for better visibility and tracking of products across the supply chain
A recent analysis found the top 15 global pharmaceutical companies emit 55% more greenhouse gas emissions per million dollars of revenue than the automotive sector. Medical waste has also become a significant issue, particularly with the spread of single-use personal protective equipment and testing kits. As a result, life sciences enterprises are taking initiatives to build more transparent supply chains to track and trace carbon emissions, medical device decommissioning, and secondary package waste
Everest Group’s view of end-to-end supply chain visibility solutions
Let’s explore more on the supply chain visibility framework:
Use Cases: Addressing drug serialization and aggregation, strategic sourcing, fleet tracking, drug e-labelling, artwork management, and API tracking
Use Cases: Addressing drug expiry monitoring, network management, demand forecasting, and warehouse management
Use Cases: Asset tracking, anomaly detection, and condition monitoring alerts
Use cases: Case and compliance management, returns tracking and scheduling, conditional monitoring alerts, and drug serialization
IT service providers are increasingly offering solutions to address these needs as these instances gain traction. One example is HCL’s serialization and authorization solution that helps track product returns in real time.
Recognizing the need for greater insights into supply chain performance, enterprises have invested in Enterprise Resource Planning (ERP), Laboratory Information Systems (LIMS), Electronic Batch Records (EBR), Manufacturing Equipment Systems (MES), Quality Management Systems (QMS), and other IT systems to capture transactional and performance data.
Information sharing, data interoperability, security, and trust are the major hurdles for life sciences enterprises to implement supply chain visibility solutions. Blockchain and the Internet of Things (IoT) offer promising prospects to tackle these challenges by maintaining the continuity of information, realizing the link between physical and information flow, and providing fraud detection alerts.
IBM, KPMG, Merck, and Walmart successfully completed an FDA pilot program in 2020 that found blockchain technology can be used to meet the DSCSA requirements to track and trace prescription drugs and vaccines distributed in the U.S.
We recommend life sciences enterprises partner with IT service providers that have point solutions for supply chain visibility or engage with niche platform providers to build end-to-end supply chain visibility solutions.
Keep following this space as we explore the technology in supply chain visibility platforms, and see our prior blog on Five Factors Transforming the Life Sciences Supply Chain and Creating IT Opportunities.
What are your views on life sciences supply chain visibility? Reach out to [email protected] and [email protected] to discuss.
You can also learn about planning for a sustainability in your organization in our webinar, Sustainability and the CIO’s Office: A Powerful Connection.
Supply chain visibility, strategic sourcing, cold chain requirements, sustainability demands, and personalized medicine are creating opportunities in the life sciences supply chain for IT partners delivering digital solutions. Read this first part of our blog series to understand the shift that is underway.
New security requirements, industry mandates, and changing customer needs require the contemporary life sciences supply chain to become more efficient, transforming the logistics network.
The worldwide value of pharmaceutical goods traded has grown six-fold in the past two decades from US$113 billion in 2000 to US$629 billion in 2019, according to the United Nations Comtrade Database.
This growth has driven more companies to outsource production to Contract Manufacturing Organizations (CMOs) to meet the pent-up demand. Let’s explore the factors impacting these increasingly global and complex chains.
Additionally, the Drug Supply Chain Security Act (DSCSA) outlines requirements to achieve interoperable, electronic product tracing at the package level to identify prescription drugs distributed in the United States by November 2023. Similar laws are in effect in Europe and other parts of the world. (For more on supply chain visibility, see our next blog.)
Also, since sourcing and procurement account for roughly half of drug development and manufacturing costs, firms are focusing on optimizing spending by using technology to gain real-time spending views, structure budget accountabilities, and align purchasing with production
Sustainable secondary packaging, carbon footprint tracking, responsible raw materials procurement, effective medical device decommissioning, and scrap minimization are gaining more traction in the life sciences industry. Additionally, the European Union directive 94/62/EC, in conjunction with directive 2018/852, demands a significant reduction in packaging waste by 2025
Life sciences enterprises have invested approximately US$ 13 billion in cell and gene technologies since 2018. More than 900 enterprises worldwide are developing cutting-edge advanced therapeutics, and approximately 1,000 advanced therapy clinical trials are underway. This changing landscape requires supply chains that provide temperature-sensitive environments, closed loops, Chains of Identity (COI), and Chains of Custody (COC)
In response to these factors, next-generation connected supply chain ecosystems are beginning to emerge. Life sciences enterprises will need the right complementary digital technologies to optimize costs, drive productivity through streamlined route selection, and improve the customer experience.
This will create new opportunities for IT service providers that bring niche talent and a balanced portfolio of engineering and digital services, as well as supply chain-specific platform providers who will become partners of choice for life sciences enterprises.
Follow the second part of this blog series as we explore supply chain visibility platforms and enterprise initiatives.
To share your views on the life sciences supply chain, please reach out to [email protected] and [email protected].
For more details on the service provider outlook, watch our webinar, Outsourcing Services Pricing: What to Expect Next.
With the increased adoption of remote monitoring technologies, wearables, and smart implants, the medical devices industry is shifting toward building a connected care ecosystem that seamlessly integrates people, technology, and data across the care continuum. Enterprises are looking to augment their current device portfolios with digital technologies to support the patient journey across care settings. To support enterprises on their connected care journeys, providers are ramping up both their engineering and digital capabilities through industry-specific partnerships, IP, and innovation centers to benefit stakeholders across the healthcare and MedTech ecosystems.
DOWNLOAD THE FULL REPORT Connected Medical Device Services PEAK Matrix® Assessment 2022
In this research, we present an assessment of 19 medical device service providers featured on the Connected Medical Device Services PEAK Matrix®. This report examines:
Connected medical device services market trends
The service provider landscape for connected medical device services
Service providers on several capability- and market success-related dimensions
LEARN MORE ABOUT Connected Medical Device Services PEAK Matrix® Assessment 2022
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
Following the COVID-19 pandemic, the life sciences industry has undergone several changes. Face-to-face HCP interactions are slowly being replaced with an omnichannel approach; the market is also pivoting from centralized clinical trials to de-centralized clinical trial operations. Additionally, safety has become a priority for regulators and consumers, leading to an increased focus on pharmacovigilance. The dynamic nature of this industry and recent disruptions have opened new growth avenues for enterprises. To capitalize on these opportunities, enterprises are investing in digital tools and establishing relationships with third-party vendors to achieve cost savings and operational efficiencies.
DOWNLOAD THE FULL REPORT Life Sciences Operations PEAK Matrix® Assessment 2022
This report provides a detailed analysis of 32 operations service providers and includes:
In this research, we present a detailed assessment of 32 life science service providers featured on the Life Sciences Operations – Services PEAK Matrix®. We provide a relative positioning and analysis of the providers’ market shares, along with our evaluation of their strengths and limitations. This report will enable enterprises to identify suitable service providers to manage the evolving needs of their businesses.
LEARN MORE ABOUT Life Sciences Operations PEAK Matrix® Assessment 2022
The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.
Life sciences GBS organizations today are strategic partners for their enterprises, delivering innovative capabilities for operational and technological advancements. The next wave of evolution for GBS is now upon us and will focus on reaching value beyond arbitrage, growing the enterprise’s top line, and reducing barriers inhibiting GBS-enterprise collaboration.
However, evolution will hinge on a reimagining of the GBS operating and governance models.
Attend our exclusive virtual roundtable, “Life Sciences GBS Success – Reimagining Operating and Governance Models,” on Thursday, July 14, 2022, 8:30 am – 10:00 am EDT / 6:00 pm – 7:30 pm IST.
In this collaborative session, our analysts will lead a conversation with you and your industry peers exploring the operating and governance model changes that are critical to position GBS for sustained success.
What you will take away
Together, we’ll discuss the key priorities for the future of life sciences GBS organizations, including:
Who should attend?
Virtual Roundtable Guidelines
This event is available to our GBS Leadership Exchange members only. The only price of admission is participation. Attendees should be prepared to share their experiences and be willing to engage in discourse.
Participation is limited to enterprises (no service providers), and Everest Group must approve each attendance request to ensure an appropriate size and mix of participants. The sessions are 90 minutes in duration and include introductions, a short presentation, and a facilitated discussion.
Life Sciences Services
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