As per UN statistics, medicinal and pharmaceutical products were among the top exported commodities in 2020 increasing by 13.2% in value to reach US$271.1 billion while imports increased by 12.7% to reach US$277 billion in value.
While this growth has done wonders for the industry, the increasing complexity and lack of transparency in global supply chains and specifically in the pharmaceutical sector have put a severe strain on the industry.
The modern-day supply chains are vulnerable to several disruptions such as natural disasters, maritime disasters, trade wars, cyber-attacks and not to mention pandemics. While these disruptions affect all industries, as per BSI (British Standards Institution), one of the impactful supply chain-related challenges facing the pharmaceutical industry is the outright theft of pharmaceuticals, typically while in transit.
As per a report by BSI/TT Club, the top countries for pharmaceutical theft were the United Kingdom, the United States, Mexico, Italy, and India. Thieves overwhelmingly strike the trucks moving pharmaceutical products globally, with the trucking modality targeted in almost three-fourths of thefts recorded by BSI.
While the techniques involved in stealing pharmaceuticals vary from country to country, the most common tactic was stealing from trucks which accounted for nearly one-third of thefts, followed by hijacking and/or theft from a facility.
“Pharmaceutical regulations alone will be insufficient to support the necessary tracking, tracing, and transparency through the end-to-end supply chain; intensified security strategies may need to be developed and implemented,” says BSI in its report.
In addition, unprecedented delays in the freight ecosystem have catapulted the need for visibility into end-to-end cargo movement to mainstream relevance. Ensuring shipments arrive On Time In Full and without damage is of paramount importance for pharmaceutical companies as it directly impacts human lives and well-being.
The pharma industry stands to gain a lot from real-time visibility, and the need for visibility in the pharma industry is compounded by concerns that arise amongst its stakeholders, who are wary of the efficacy of logistics processes that remain opaque, creating skepticism.
Experts from the pharmaceutical and pharma logistics industry will analyze these challenges and the need for real-time visibility in pharma supply chains in a webinar on the 5th of May 2022 at 15:00 hrs CET.
The webinar will throw light on the criticality of real-time visibility in pharma supply chains and what can be done to ensure required conditions are met across the end-to-end supply chain while transporting sensitive cargo.
Don’t miss out. Register here.