Pharmaceutical Supply Chain Management Market: Leading SCM Solutions

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Pharmaceutical Supply Chain Management Market
Leading SCM Solutions Supply chain management
(SCM) entails the successful administration of
supply chain operations designed to increase
profits and provide a better customer experience.
The process also ensures that products are
manufactured as planned and become available in
hospitals, pharmacies, and other health services
on time. According to Inkwood Research, the
global pharmaceutical supply chain management
market is projected to progress with a CAGR of
8.84 between 2023 to 2032, capturing a revenue
share of 5289.53 by 2032.

• The success of a manufacturing organization
  depends greatly on the efficacy of the supply
  chain as a whole. If a certain link in the chain
  is disrupted or weak, it could jeopardize the
  entire chain. Supply chain management, in this
  regard, is essential to help organizations remain
  agile, while handling unexpected issues or
  variability that may occur. By streamlining
  supply chain processes and increasing visibility,
  pharmaceutical businesses can diagnose problems
  and find suitable solutions more swiftly.
  According to Inkwood Research, the solution
  segment is set to grow with a CAGR of 8.67
  between 2023 to 2032.
• An effective and streamlined pharmaceutical
  supply chain includes the implementation of
  various strategies as well as technologies in
  order to provide customers with unique added
  value.
• Aligning with this, this blog explores how
  leading companies are focusing on the development
  of advanced technologies to enhance
  pharmaceutical supply chains globally
• Infor Cloverleaf Integration Suite The Infor
  Cloverleaf Integration Suite streamlines
  clinical data exchange to enhance business
  operations and medical outcomes. Utilized by more
  than 1/3 of hospitals in the United States and
  deployed in 36 nations, the software

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• enables healthcare organizations to securely
  resolve complex interoperability difficulties. It
  does so at a scale using the latest,
  state-of-the-art standards, including Fast
  Healthcare Interoperability Resources (HL7
  FHIR).
• Tecsys Elite Pharmacy Inventory Management
  System (PIMS) In August 2021, Tecsys Inc
  (Canada), a leading supply chain management
  software company, announced its collaboration
  with Indiana-based Parkview Health to fortify its
  pharmacy operations with Elite Pharmacy
  Inventory Management System (PIMS). Through this
  implementation, Parkview Health will be able to
  source the best drug pricing advantages while
  ensuring regulatory compliance, auto-generate
  replenishment orders, and managing vendor and
  purchasing invoice matching via EDI data
  exchange.
• Vizient Supply Chain Operations Services In
  2021, Vizient (United States) announced the
  launch of its set of solutions aimed at improving
  healthcare supply chain resiliency through
  greater predictability and transparency across
  trading partners. These solutions will provide
  risk management services for a providers
  critical supply list and improved visibility into
  supplier distribution as well as manufacturing
  sites.
• McKessons Healthcare Distribution Center In
  October 2022, McKesson Corporation (United
  States) established a new state-of-the-art
  pharmaceutical distribution center in
  Jeffersonville, Ohio. The new facility is set to
  distribute over-the-counter (OTC),
  pharmaceutical, and home healthcare products, in
  addition to consumer-packaged goods (CPG), to
  customers across Kentucky, Ohio, Indiana,
  Michigan, Pennsylvania, and West Virginia.
  Strategically located to cater to customers
  across the region, the distribution center is
  equipped with automated putaway, replenishment,
  and order-filling processes. Moreover, it also
  entails a robotic palletizer and tote washer for
  handling significant volume growth over time.
• SAP Information Collaboration Hub for Life
  Sciences Operating on the SAP Business
  Technology Platform (SAP BTP) and leveraging SAP
  Blockchain Business Services, SAP Information
  Collaboration Hub for Life Sciences is the first
  public-cloud, industry-specific business network
  utilized by over 45 pharmaceutical firms.
  Moreover, it is also implemented across 1,500
  trading partners as well as 80 of COVID-19
  vaccine manufacturers.
• TotalVue Analytics OptiFreight Logistics, a
  Cardinal Health (United States) company,
  announced the launch of TotalVue Analytics in
  January 2021. The tool primarily caters to
  healthcare supply chain leaders, enabling them to
  use predictive technology as well as data in
  order to detect logistics savings and
  benchmarking. TotalVue Analytics also provides
  health systems with visibility into shipping
  trends. Subsequently, this helps in identifying
  opportunities to reduce freight costs, including
  outbound shipments from sites and inbound
  shipments from suppliers. The companys
  technology platform allows customers to track
  shipments in real-time and optimize their
  transportation expenditures, as well.
• Additionally, in order to mitigate future risks
  and minimize dependence on foreign suppliers,
  various pharmaceutical companies are also
  diversifying their supply chains and establishing
  local production facilities with the latest
  technologies.

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• Improving Patient Safety AIs Role in Optimizing
  Pharmaceutical Supply Chains
• The novel coronavirus pandemic has expedited the
  adoption of digital solutions such as blockchain,
  cloud computing, the Internet of Things, as well
  as artificial intelligence in supply chain
  management. Artificial intelligence is a
  remarkable example of a disruptive, cutting-edge
  technology incorporated into supply chain
  management systems, subsequently contributing to
  the healthcare industrys rapid expansion,
  improved efficiency, and increased patient
  safety.
• When integrated with predictive analytics and
  machine learning, the artificial intelligence
  (AI) transformation in supply chain management
  delves deeper than smarter functions in
  essence, it holds the potential to address some
  of the greatest challenges in pharmaceutical
  supply chain management. For example, an AI-based
  pharmaceutical supply chain can help validate
  product legitimacy, authenticate medical devices,
  and track counterfeit products, thus contributing
  to effective patient care.
• As per the article, Role of Artificial
  Intelligence in Patient Safety Outcomes,
  AI-enabled decision support systems, when
  correctly implemented, can help facilitate
  patient safety by improving error detection, drug
  management, and patient stratification. These
  factors, in turn, are set to play a pivotal role
  in strengthening the global pharmaceutical supply
  chain management market growth during the
  forecasting years.
• Frequently Asked Questions (FAQs)
• What are cold supply chain pharmaceutical
  products?
• A Cold chain pharmaceutical products are
  characterized as goods that must be stored at a
  certain temperature in order to maintain optimum
  safety and quality. These products
• include vaccines, gene therapies, biologics, and
  components of cells.
• What are some of the key challenges addressed by
  pharmaceutical supply chain management?
• A Drug counterfeiting, compliance-related
  issues, risk of OTIF (a measurement of logistics
  or delivery performance within a supply chain)
  failures, and problems in the collection and
  analysis of large volumes of data are some of the
  key challenges addressed by pharmaceutical supply
  chain management.