Pharmaceutical Manufacturing Market Outlook
Although the global pharmaceutical manufacturing market has been experiencing positive growth over these years, the industry is not completely free of challenges. Pharmaceutical manufacturing companies are facing challenges in meeting global quality standards, managing supply chain operations, and adhering to new healthcare reforms. To succeed in the long-run, pharmaceutical manufacturing companies are in the need to reduce costs, increase agility, and improve speed to market. Besides, increasing visibility into the supply chain is becoming imperative for companies in the pharmaceutical manufacturing market to address supply chain challenges and meet the demands of a rapidly evolving marketplace.
At Infiniti Research, we understand that pharmaceutical supply chain management is an arduous task and requires a complete analysis of pharmaceutical supply chain challenges and solutions. Our inventory management solution can help you to achieve these strategic objectives.
Business Challenge
The client is a pharmaceutical manufacturing company based out of Italy. The client’s lack of adequate visibility into the supply chain made it difficult for them to track-and-trace goods. This increased the likelihood of drug shortages for the client. Also, profit margins were under pressure as costs crept up throughout the supply chain network. Besides, the client’s lack of access to timely and accurate data from supply chain parties made it difficult for them to synchronize supply and demand.
In addition, as major drugs were heat sensitive and susceptible to contamination, maintaining a desired low-temperature range was becoming a major concern for the client. Owing to such challenges, the client’s valuable customers denied renewing contract with them. The pharmaceutical manufacturing firm, therefore, wanted to adopt solutions to tackle supply chain challenges and meet the demands of rising population. By partnering with Infiniti Research, the pharmaceutical manufacturing market client also wanted to enhance supply chain management while ensuring safer products for patients.
Our Integrated Approach
To tackle the above-mentioned challenges, the experts at Infiniti Research recommended inventory management solution to the pharmaceutical manufacturing market client. The engagement involved designing, planning, and monitoring supply chain activities of the pharmaceutical manufacturing market client. Also, the inventory management solution involved designing strategic supply chain, forecasting drug demand based on historical data, and planning outsourcing and distribution for the client.
Also, by leveraging demand management study, the experts helped the client to align inventory levels with peaks and dips in demand. Besides, by conducting supply and demand analysis, the experts helped the client to balance supply and demand in a manner that achieves the financial and service objectives of the enterprise.
Business Outcome
By leveraging our inventory management solution, the client was able to manage supply chain activities in the most efficient way. As recommended by the experts at Infiniti Research, the client invested into SCM software and increased visibility into the supply chain. This also enabled the client to synchronize supply and demand and reduce the likelihood of drug shortages. Besides, by increasing visibility into the supply chain, the client was able to improve communication, collaboration, and coordination with vendors, transportation, and shipping companies.
The experts also recommended the pharmaceutical manufacturing market client to leverage cold chain shipping to transport drugs that are heat sensitive and susceptible to contamination. Besides, by having real-time data on the availability of raw materials and manufacturing delays, the company was able to implement backup plans, such as sourcing materials from a backup supplier to prevent further delays. With more accurate demand predictions, the client was also able to reduce the overhead costs by optimizing warehouse layout, adopting the right automation tools to improve productivity, and implementing a better inventory management system.
Within one year, the pharmaceutical manufacturing market client reduced overhead costs by 32% using inventory management solution and achieved huge savings in profit margins.
By leveraging our expertise in offering supply planning, product planning, demand planning, sales and operations planning, and supply management, we can help you efficiently synchronize supply and demand.
