LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the strategies to bolster the pharma supply chain.
Companies in the healthcare industry are working around the clock to reduce the impact of COVID-19. They immediately began clinical trials to test existing anti-viral medicines for the treatment of COVID-19 and are continuously seeking new medicines. However, pharma companies need to go beyond addressing the virus and sustain the global pharma supply chain in the face of the ongoing crisis. They must take various steps to bolster the pharma supply chain to make it through this disruptive time.
At SpendEdge, we understand that companies must take additional steps to bolster their pharma supply chain and operations to withstand the impact of COVID-19. Therefore, we have highlighted the key steps to improve pharma supply chain management.
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Steps to Bolster the Pharma Supply Chain
Analyze the pharma supply chain to reduce the impact of COVID-19
COVID-19 has put the pharma supply chain under extreme pressure. More than three-fourths of active pharmaceutical ingredients (APIs) in the US are sourced globally, including countries such as China. There is a significant number of US FDA-registered facilities in China, providing more than 1,000 APIs to the US market. Nonwoven polypropylene fabrics used as inputs to make N95 are short in supply and signaling that the current outbreak has the potential to disrupt the global pharma supply chain. It is critical for companies to implement pharmaceutical supply chain best practices and address potential supply issues while taking into account more-aggressive infection scenarios.
Want to gain a comprehensive understanding of the risks facing the pharma supply chain? Get in touch with our experts now!
Keep R&D on track
While pharma companies mobilize to minimize the impact of COVID-19, it is imperative for companies to keep R&D on track. Like any public health emergency, COVID-19 has put additional pressure on the pharma supply chain and clinical trial programs. Hospitals are already overwhelmed by COVID-19 patients and compelled to deprioritize trials. Moreover, patients are apprehensive about participating in trials. In such a situation, it becomes critical for companies to identify measures to mitigate slowdowns in trial time or success for clinical trials. They must identify trials that could be affected by shutdowns at suppliers or logistics interruptions and analyze new investigator sites in countries with lower potential risk while developing an internal regulatory perspective on COVID-19.
Advance patient health
Despite the unknown impact of COVID-19 for the global economy, pharma companies must work to mitigate their impact and find a global solution. Apart from supplying products to aid in COVID-19 treatment, they could help their customers in numerous ways by developing solutions for supporting patients in affected areas and providing for in-home administration of medicine. They can also leverage digital platforms to provide self-serve options for patient service.
To analyze the impact of COVID-19 on the pharma supply chain and steps to mitigate them, reach out to our analysts now!
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