Transformation of the pharmaceutical supply chain through serialization

Pharmaceutical companies are learning to take a supply chain approach to serialization and beginning to realize that they have an unprecedented opportunity to unlock more value from this data to tackle industries' supply chain challenges. Many pharma companies see their serialized product data as a key part of their supply chain as it provides precise inventory and location status. The pharmaceutical industry has accepted the need to be more consumer centric and that supply chain transformation through serialization is a critical requirement to meet this goal.
The first step in serialized supply chain transformation includes the use of digital technologies to capture the data. While the second step is the use of digital measurements to improve track and trace capabilities, collaboration, and inventory transparency. Serialization help pharmaceutical companies to develop end-to-end insights to enhance supply chain performance and eliminate some troublesome industry issues that put patient' health and life at risks such as counterfeiting, quality, and drug shortages.
Digital Transformation Challengesr
Digital transformation has already impacted the supply chain and commercial operations of pharma industries. Through serialization, meaningful data is now penetrating the organizations more deeply and providing complete insight into product movement from production to end-users. But to fully embrace this digital transformation pharma companies and healthcare bodies must now develop and deploy new systems to address critical business challenges. These challenges include improved supply chain planning, real-time cold chain monitoring, and continuous inventory stock monitoring and product management.
A patient-centric supply chainr
Pharmaceutical industries demand a patient-centric supply chain. An industry-first need to gather real-time service data and understand patients' needs and expectations. Based on these expectations define new service measures and create end-to-end information flow. Especially in the current scenario of the global pandemic, there is a need to understand the real-time demand for drugs and medical kits. For ultra-rare disease treatments, every dose counts. Serialization helps to gain visibility to make sure that patients get the medicine where and when they need it. The data-informed supply chain approach will allow companies to address the last-mile challenge.
A networked platform environmentr
Pharmaceutical industries need new manufacturing capabilities to collaborate in a networked platform environment to meet patients' needs. To reshape the strategic business and operating models, companies begin with mapping value stream processes and developing data sharing systems across the network from the patient back to supply. Serialization gives the ability to scale-down from mass production systems to deliver a single product to a patient on time, safely, and in full.
Meeting future challengesr
Serialization enables supply chain participants to share trusted data in real-time to improve the security, quality, and integrity of the global pharmaceutical supply chain. The collaboration on one digital network helps companies to share and analyze data to deliver business values and protect the global drug supply chain and keep patients safe. Serialization of pharmaceutical products improve operations, increase efficiency and financial performance, and ultimately serve patients better.
Bottom Line:
Today business is about effectiveness and efficiency. The coming decade will need to address resiliency and capability to timely react to the changes in the marketplaces. Especially during global pandemic scenarios when the consumer face difficulties transparent and well-informed supply chains allow companies to handle all challenges and improve patient's experience. A holistic supply chain transformation through serialization and using the best solution for serialized data inventory management will increase production without sacrificing speed or quality.