According to a report by the IQVIA Institute for Human Data Science, global spending on medicine is projected to reach $1.5 trillion by 2023. Due to the sheer volume of materials that need to be transported and stored in sanitary conditions. All the players in the supply chain must work together, to ensure that the products reach the customer in a safe, timely, and cost-effective manner. 

A great way to start is by setting up an inventory system that tracks and controls the supply chain from start to finish. This can include tracking inventory levels, supplier information, and costs associated with each step of the process. Additionally, it is important to anticipate potential issues and plan for them accordingly. 

Therefore, a good plan to follow is to work with suppliers to ensure timely delivery, make sure there is enough inventory to cover demand, and research potential new suppliers to maintain competitive pricing. Following these steps, the supply chain of the pharma industry can be managed effectively, and increase efficiency while reducing costs.  

What are the roles of each member of the supply chain in Pharmaceuticals? 

Supply sources 

It is important for medical centers to have variety in their supply sources to anticipate any potential shortages. Having regular updates and reviews of the suppliers will cover your logistical needs in a better way. Having multiple suppliers is also beneficial in case one supplier is unable to provide the service due to unforeseen circumstances. Finally, medical centers can also benefit from the competition in pricing and availability of multiple supplies. 

Inventory Management 

Inventory management is a critical process that helps to ensure that all stakeholders involved in the supply chain are working together to keep product availability. Proper inventory management requires frequent tracking and monitoring of inventory levels, accurate forecasting of demand, and ordering of new stock in a timely manner. 

It´s important to consider the cost of storing and managing inventory and, focus on the best methods for distributing and delivering products. Taking the time to manage inventory properly, will make businesses more confident in product availability and meet their customers’ needs. 

Warehouses 

Storage warehouses must meet high-quality standards to guarantee the safety of the pharmaceuticals; including spaces with climate control, clean rooms, refrigerated environments, and other conditions. 

Transportation 

Finding the right provider for your pharma logistics needs can be a daunting task. However, selecting a provider that has the experience, technology, and resources is essential. This can help your company to design the best routes and optimize delivery times. When you are searching for a provider, make sure that it can demonstrate expertise and qualifications to handle and deliver the cargo safely, securely, and on time. 

It’s important to research the provider’s experience in the industry and their customer satisfaction ratings to make sure that they are the best choice for your logistical needs. 

Despite the delay in the delivery process, Ocean Freight is an excellent choice when considering cost savings and visibility for the Pharma industry. According to experts, cost savings can be up to 80% from using this mode of transportation, and it also ensures better temperature control of the shipment. Additionally, ocean freight provides great door-to-door container visibility so you can keep track of your goods easily. 

GLC is the perfect partner for transporting pharma cargo (masks, and gloves not prescription medicine). Our extensive network of partners allows us to offer transportation options to and from the world’s most crucial ports and airports. Our competitive pricing allows you to receive exceptional value for your goods. We also have 12 distribution centers across the US that guarantee the safe and timely delivery of your cargo. With GLC, you will feel rest assured your cargo will arrive safe and on time. 

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