LONDON--(BUSINESS WIRE)--In the wake of the global COVID-19 Lockdown, SpendEdge, a global procurement market intelligence firm, has announced the availability of a team of experts dedicated to addressing the emerging supply chain queries in the pharmaceutical industry. Book your free demo of our procurement platform to know what our experts have to say.
While healthcare professionals are on a war footing to cater to the skyrocketing number of admitted patients infected by the dreaded coronavirus, predictions of supply chain disruptions are creating havoc in the pharmaceutical industry. A majority of the leading players in the pharmaceutical industry are largely dependent on countries in APAC, China in particular, for the supply of key medical components such as antibiotics, APIs, among others. However, the clampdown on the manufacturing sites in China has exposed the global pharmaceutical industry to major supply chain disruptions.
To achieve seamless supply chain management in the current pharmaceutical industry during the COVID-19 Lockdown is difficult but not impossible. Get your free trial of our procurement platform and get to know what measures the industry leaders are adopting to mitigate supply chain risks in this industry.
What are the ways to achieve efficacy in supply chain management in the pharmaceutical industry?
Adopt big data analytics in the procurement process
The adoption of big data analytics in the sourcing process is a necessity in the current times. According to the experts, it will help buyers to gain valuable insights, such as pricing trends of APIs and intermediates from historical data. This will aid buyers to conduct effective demand projection which will be functional for effective inventory management through analysis of required inventories, holding time, and time to purchase. Among other benefits, big data analytics will offer real-time visibility of data to buyers and suppliers by ensuring transparency in the supply chain.
Adopt collaborative supply chain planning
Experts recommend the adoption of a collaborative procurement process that considers factors, such as transparency in sourcing, inventory status, demand projection, and R&D processes, as well as solutions to mitigate the challenges faced by parties in the value chain. Such initiatives also help to strengthen the buyer-supplier relationship.
Adopt global sourcing
Considering the volatile nature of the global economic scenario, it is always prudent of buyers from the pharmaceutical industry to adopt a global sourcing model for the procurement of drug intermediates and APIs. The sourcing map must range from low-cost nations such as India, China, Japan, South Korea, and Brazil to that of the developed nations.
Request a free demo of our procurement platform to gain real-time insights into supply chain management objectives to protect your business in the pharmaceutical industry against the COVID-19 lockdown.
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