We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2022
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2022
    • Upload Your Video
Home » Pharma companies seek better supply chain visibility

Pharma companies seek better supply chain visibility

Nine out of 10 industry executives say they plan to implement a more robust digital supply chain visibility solution over the next 12 months, survey shows.

vaccine-gc3eb6eb4d_640.jpg
December 10, 2021
DC Velocity Staff
No Comments
Roughly half of pharmaceutical companies have deployed supply chain visibility solutions, but many of them say they are dissatisfied with the results and are looking for more robust solutions in light of challenges exacerbated by the Covid-19 pandemic, according to a survey released this week.

Supply chain technology firm FourKites partnered with IT services and consulting firm Accenture to determine the effectiveness of visibility strategies across the pharmaceutical supply chain; they interviewed 100 pharmaceutical industry executives and detailed the results in a recently published report, The Pharmaceutical Supply Chain: Closing the Visibility Gap.

Among the findings, 90% of respondents said they plan to implement more robust digital supply chain visibility solutions over the next year, and nearly half cited security and temperature reporting as the biggest problems when it comes to monitoring their supply chains.

“Many existing visibility solutions fail to account for the unique nature of pharmaceutical supply chains, including cold chain shipping, raw material availability, security of shipments in transit, stringent temperature and quality control measures, and high inventory costs,” according to the report. “Covid-19 further highlighted the acute need for visibility at every node along the pharmaceutical supply chain.”

Excursions–losses from pharmaceuticals exposed to temperatures outside the recommended range–amount to billions of dollars each year in the pharma industry. Greater visibility across a product’s journey can help alleviate those losses, according to the research.

“Only end-to-end supply chain visibility and insights can provide pharmaceutical manufacturers and healthcare providers with the adaptability, precision, and agility needed to provide the best patient care and to reduce waste,” Mathew Elenjickal, FourKites’ founder and CEO, said in a statement announcing the survey results. “Proactive notifications and continuous monitoring of vaccines and other supplies are the best way for manufacturers and vendors to ensure a product doesn’t fall outside of recommended temperature ranges.”

Survey respondents pointed to quality assurance, customer satisfaction, and operational performance as key issues they want to improve, as well. Sixty percent of survey respondents said they consider quality assurance the key driver for enhancing security and visibility requirements, followed by more than half who said they are focused on improving the customer experience, and 40% on improving operations.

Nearly 40% listed supplier compliance, product visibility, and timing in transit as key obstacles in their supply chains.

The survey results reflect a broader growth trend across the pharma supply chain as well. FourKites—which company leaders say tracks more than two million shipments a day across its global customer base—has seen a 40% increase in tracked shipments for pharmaceutical customers in the past six months, along with a 20% increase in carriers serving pharmaceutical customers, and a nearly 50% increase in total miles traveled by pharma customers.
Technology Supply Chain Services Track & Trace Systems
KEYWORDS Accenture FourKites
  • Related Articles

    Food & Beverage Companies Increasingly Turn to FourKites For Real-Time Supply Chain Visibility

    ArrowStream Launches New Visibility, Spend Insight and Quality Issue Management Capabilities to Better Meet the Needs of Foodservice Supply Chains

    Supply chain leaders to Chart Future of Supply Chain Visibility at FourKites Visibility 2021

Recent Articles by DC Velocity Staff

E-commerce delivery startup ShipX acquires east coast trucking fleet

Research finds more women in supply chain leadership roles

Motive will develop more fleet management tech following $150 million round

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Now's the time to be a logistics professional

  • Autonomous trucking firms launch partnerships with freight transportation providers

  • Demand for piece-picking robots gains steam

  • Report: Delivery expectations intensify

  • Empty shipping containers stack up at U.S. port depots

Now Playing on DCV-TV

4fbb31a9 f7bf 4e1f b64f f0a3e195ef0f

Cubework alleviates e-commerce logistics challenges w/ flexible warehouse options

DCV-TV 4: Viewer Contributed
E-commerce firms, small and medium enterprises (SME), and e-tailers of all sizes have been hit hard by pandemic-driven supply chain and logistics issues. Online shopping demand is at an all-time high, and never before have last-mile logistics and warehousing been more important. But actually securing affordable and...

FEATURED WHITE PAPERS

  • Guide to Proven Warehouse Solutions

  • Five common misconceptions about running a private fleet

  • Optimize AS/RS With Advanced Warehouse Execution Software

  • The Value of Genuine Parts and Service

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2022. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing