The Indian pharma domain in 2021 has observed rapid growth, especially over the last decade. This pattern is likely to continue in the future and looks bright and promising too..
When it comes to the number of drug manufacturing sites approved by the FDA, India is not very far from the United States. However, the trajectory of any industry’s growth is never devoid of challenges. The idea is to identify the gap between strategy and reality while trying out new ways to bridge it. Pharmaceutical companies based in India face supply chain challenges that make it difficult to sustain development. Companies need to formulate flexible, responsive, and adaptive supply chains by focusing on the following areas to tackle this aspect.
- Bringing Down Complexities
‘Complex’ is perhaps the best word to describe the current scenario of the Indian pharmaceutical supply chain. For actionable and immediate results, strategists need to focus on simplifying things. The first step is to consolidate and optimise the entire network to support seamless communication across all the parties involved in the supply chain. The next step involves tailoring the supply chain’s visibility along with the segmentation of the customers and markets.
This factor is important to achieve efficient outcomes. Lastly, it is crucial to handle both the upstream and downstream complexities of R&D portfolios and product SKU proliferation. This approach not only optimizes capacity but also helps cut costs.
- Boosting Visibility and Agility
As the needs of patients and disease patterns see a shift, the world market is witnessing frequent disease outbreaks and drug shortages. Reacting quickly to these changes is a key requirement to be a top-notch player in the industry. The most obvious example off late is the COVID-19 pandemic, which took the world by surprise. To accomplish the required agility to overcome such unforeseen circumstances, companies need to make sure that the supply chain is well integrated with the sales and operations processes. If they streamline their S&OP processes, not only will their service level go up, but their top-line also will witness sizable traction.
- Creating Reliable Quality Systems
Tight quality processes with proper internal and external oversight are the need of the hour. Building compliant and executable standard operating procedures and supporting them with proper compliance training can be the first phase. This phase can follow a strict quality-based culture right from the leadership and supported by appropriate documentation. These practices must be adhered to at all costs by everyone. Local and global audit companies can also conduct regular internal audits to ensure workplace protocols.
- Using “Transparent” Technology
Transparency in technology was and still is the most powerful approach for pharma companies to remain relevant. It often leads to systems that aid the top brass to make better decisions. Technology can also be leveraged to integrate various functions in the network, increase the overall visibility, and automate processes for a more efficient and robust pharmaceutical supply chain.
With the continuity of business depending on the sector’s willingness to leverage digital transformation, pharma companies need to be well-versed with digitized supply chains, data-driven insights, and hybrid cloud to remain competitive.
The virtual edition of Pharma IT Summit will foster meaningful discussions around the rampant challenges and best practices for the sector with engaging and active conversations.
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