Supply chain visibility strategic priority for pharma

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FAQ - Supply Chain Visibility Strategic Priority for Pharma

Frequently Asked Questions (FAQs) - Supply Chain Visibility Strategic Priority for Pharma

1. Why is supply chain visibility a strategic priority for the pharmaceutical industry?

Supply chain visibility is considered a strategic priority for the pharmaceutical industry to improve resilience, enhance responsiveness to market changes, and mitigate risks associated with supply chain disruptions. Visibility enables better decision-making and can enhance the overall performance and reliability of the pharma supply chain.

2. How can digital supply chain visibility benefit pharma companies?

Digital supply chain visibility provides pharma companies with real-time data and insights, allowing for proactive management of the supply chain. It can lead to improved inventory tracking, reduced stockouts or overstock, better compliance with regulatory requirements, and transparency with stakeholders.

3. What was the key finding of EY's report on pharma supply chains?

EY's report emphasized that digitally driven supply chain visibility should be a priority for pharma companies. It highlighted the necessity of having a clear view and control over the supply chain network, especially to address vulnerabilities and ensure continuous supply of medicines.

4. When was EY's assessment on the global pharma supply chains released?

EY released its assessment regarding the state of global pharmaceutical supply chains on October 4, 2023, focusing on supply chain vulnerabilities and the need for enhanced visibility.

5. What are some of the challenges in pharmaceutical supply chains that visibility can address?

Visibility can address challenges such as demand fluctuations, inventory imbalances, risks of counterfeit products, compliance with strict regulatory standards, complex logistics, and the need for timely and secure delivery of temperature-sensitive products.

6. Has digital supply chain visibility already been adopted across the pharmaceutical industry?

While there is a growing recognition of the importance of digital supply chain visibility, the level of adoption varies across the industry. Some companies are more advanced in their digitalization journey than others, but there is a general consensus that it's a critical area for investment.

For more in-depth information, you can directly explore the EY report on pharma supply chains of the future through the provided links.