LONDON--(BUSINESS WIRE)--SpendEdge, a leading procurement intelligence firm, has recently announced the completion of its latest Q&A article on the rising complexities and the ways to address the same in the current pharmaceutical industry against the backdrop of the coronavirus outbreak. In this article, Tridib Bora, Manager - Custom Research, shares his views on the current scenario in the pharmaceutical industry and the procurement and sourcing strategies that will help address the imposing challenges in this industry.
Key Excerpts from the Q&A Session on the pharmaceutical Industry
According to you, what are the geographies that will be the among the worst-affected owing to the predicted complexities in the pharmaceutical industry?
Tridib: In regions such as North America and Europe, the pharmaceutical industry serves as one of the highest revenue-generating sectors. Continuous strives in terms of innovative drug formulation keep the industry thriving in these regions. However, since the outbreak of coronavirus in China, the supply of drug raw materials and APIs is declining. This supply shortage is resulting in a subsequent increase in raw material prices. Most of the leading drug manufacturers in the countries in North America and Europe prefer to outsource the manufacturing functions to leverage the low-cost but skilled workforce in APAC countries like China and India. The coronavirus epidemic in China is resulting in an indefinite shutdown of most of the manufacturing hubs in China which are spurring complexities in the pharmaceutical industries in the outsourcing countries.
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What are your suggestions to deal with these complexities in the pharmaceutical industry against the backdrop of the outbreak of coronavirus?
Tridib: Informed and strategic sourcing is the need of the hour to deal with the imposing supply chain complexities in the pharmaceutical industry. With the widening demand and supply gap of raw materials, it is advised that buyers actively engage suppliers in their inventory planning. Buyers must rely on suppliers’ assistance in demand forecasting to decide the quantity to be pre-ordered and preserved which will play an important role in addressing supply shortage as well as control storage costs. Drug raw materials that are sourced from regions in and around the countries that have witnessed the outbreak of coronavirus are highly susceptible to contamination. Considering this probability, it is critical for buyers to implement GDP throughout the supply chain. This enables traceability and assurance in the quality of products.
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This article on the Q and A session with Tridib is concluded with references to SpendEdge’s recently done procurement intelligence reports on a range of products and services pertaining to the pharmaceutical sector. These reports have identified the probable risks and complexities in terms of procurement in the global pharmaceutical industry and enlisted the sourcing and procurement best practices to be adopted in this industry.
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