The Pharmaceutical Supply Chain is booming. With most of the attention on vaccine distribution, how has the market fared, and what does the future look like?
Since 2020, the COVID-19 virus response created a domino effect of Pharma companies rushing into investing in research for vaccines, leading to the creation of an influx of highly demanded commodities, such as PPE, OTC (over-the-counter medicines).
Studies show both non-cold and cold-chain supply chain products have increased volume as a result of Covid-19. Insights show this significant growth will steadily continue until 2028. More Info Here
- Non-Cold Chain – non-temperature controlled pharma, accounted for the largest revenue share of 72.6% in 2020, steadily rising in the next seven years. Includes over-the-counter medicines, herbal medicines, and Vitamins.
- Cold Chain – Temperature controlled shipping, makes up $12.6 Billion worldwide industry, accounts for the Covid-19 Vaccine
Europe and Asia saw their largest revenue shares go up in 2020 with a steady incline of rapid growth with both non-cold and cold chain commodities. Pharmaceutical Logistics companies are thinking of creative ways to support the growing demands.
In an effort to keep up with the oversaturated market, companies are investing in other technologies such as “telematics, remote sensing and monitoring, GPS and GIS integration in-transit cargo” in order to increase reliability and service to customers. Cited Here
This is an ever-growing and ever-changing market, which needs to be carefully looked at for many years to come.