The increasing importance for temperature sensitive tracking for the pharmaceutical industry
The growing pharmaceutical industry is estimated to be worth $1170 billion in 2021, growing at 5.8% annually highlighted by the Business Research Company, becoming one of the largest and fastest-growing industries in the global business world.
The growing pharmaceutical industry is estimated to be worth $1170 billion in 2021, growing at 5.8% annually, as investigated by the Business Research Company in 2018. The pharmaceutical industry is becoming one of the largest and fastest-growing industries globally.
The growing importance of temperature-sensitive shipping and asset tracking solutions is a result of the increasingly stringent regulations and compliance measures in place. While the profit turnover of the pharmaceutical industry is massive, the time and monetary cost of creating new pharmaceutical drugs are also significant. As researched by the Berkshire Hathaway company, the average drug can take anywhere between 6-10 years to research and create, and then must be approved by the FDA in America or the TGA in Australia. Furthermore, the Berkshire Hathaway Company found that the design of one drug costs the pharmaceutical industry approximately USD $2.5 billion to make, making it one of the most expensive goods productions in any current market. The pharmaceutical industry must monitor vital conditions such as the handling and storage of products in order to maintain operational efficiency within their supply chain.
Most pharmaceutical goods must remain between 2-8 degrees Celsius, as highlighted by Mach1 Global services. A slight change in its temperature can impact the effectiveness of medication. It is imperative for businesses in the pharmaceutical industry to ensure consistent monitoring and supply chain traceability is present.
Adapt Ideations wireless data logger PIXEL is a reliable solution for monitoring temperature and humidity in cold storage rooms, refrigerators and temperature-controlled warehouses. The device’s wireless data logging function removes the hassle of manually monitoring and collecting data from temperature sensitive areas. Therefore, if parameters are crossed, companies can be alerted and rectify the issue more efficiently. If temperature and humidity parameters are violated deterioration may occur of products. This is particularly relevant for the pharmaceutical industry where many of the medications are temperature sensitive.
The pharmaceutical industry is a global industry, which sees major companies exporting their products internationally. Naturally, during the constant movement of consignments, theft, loss and misplacement of goods may occur. The Business Research Company discovered that the pharmaceutical and health industry costs USD $25 million annually to manage supply chain issues that occur in the transportation process. Increased supply chain traceability through asset tracking solutions will allow companies to build greater trust between themselves, they’re suppliers and manufacturers.
End-to-end visibility and transparency of transporting consignments increases the ability to monitor goods at all times, thus assuring medication has been handled and stored correctly. End-to-end visibility is increasingly important for the pharmaceutical industry, due to the high value of medications being transported and the ongoing global demand which requires consistent monitoring is in place.
Adapt Ideations’ IoT enabled asset tracker KELVIN Pro monitors temperature, location, shock and light in near real-time. This increased supply chain visibility enables businesses to address any challenges that arise in the logistics process. For the pharmaceutical industry, it is important to track and monitor the location of assets and other vital conditions. Adapt Ideations’ asset tracking solution utilises near real-time sensors to provide transparency within the supply chain. The near-real time data gathered enables visibility for the entire journey.
Get in touch with us today at enquiries@adaptideations.com to find out more about our innovative solutions.
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