Innovative Asset Tracking Solutions For The Pharmaceutical Industry

Improving Supply Chain Visibility With Innovative Asset Tracking Solutions For The Pharmaceutical Industry.

The Need To Improve Supply Chain Visibility

Cold chain management of pharmaceutical products is essential to ensure that they are delivered in the right condition.

In today’s ever changing global market, greater visibility is needed to understand vital conditions of products particularly for greater and more efficient pharmaceutical cold chain management. With many touch points across supply chains globally the significance of visibility is heightened. By increasing transparency, companies can begin to understand where inefficiencies are occurring throughout the supply chain and take action based on the data they have in their hands. Innovative asset tracking and monitoring solutions today also allow for data to be shared with companies clients enabling holistic insight into the conditions that assets experience and greater assurance that products are being handled and stored correctly throughout the entire supply chain.

An effective pharmaceutical supply chain is not constricted only to the fast delivery of goods, but rather ensuring set regulations and compliance measures have been adhered to. Cold chain management of pharmaceutical products has an increasing role to play with some products being highly sensitive to environmental conditions in turn impacting efficacy due to a variety of factors. This is impacted further by products being required to be kept within different temperature ranges. Although most commonly pharmaceuticals need to be kept in dry environments away from heat, moisture and sunlight with temperatures below 25°C to ensure their safety and longevity, as mentioned by The Pharmacy Guild of Australia.

Improving Supply Chain Visibility For Greater Pharmaceutical Cold Chain Management.

Why pharmaceutical companies should consider implementing innovative asset tracking solutions to improve supply chain visibility.

The process of transporting pharmaceuticals for example from the manufacturing point to hospitals and pharmacies is complicated due to set regulations and standards in place. The consequences of pharmaceuticals not remaining compliant has been highlighted in numerous articles and studies such as one published by Alice Walton on The Atlantic. The article highlighted that heat exposure can deteriorate the effectiveness of pharmaceuticals, and even cause some to become harmful for consumption. Further, the article mentioned that chemical reactions and changes to potency can occur due to excessive exposure to heat.

Greater visibility also reduces occurrences of misplaced products or theft. In particular near real-time solutions can help identify the exact location of assets remotely enabling products to be recovered faster. Temperature excursions can have a significant impact on pharmaceuticals remaining compliant. WHO has estimated that 50% of all vaccines globally are discarded due to breaks in the cold chain. Furthermore, PharmaExec in 2022 highlighted the significant economic costs of product wastage of vaccines, with a projected $34.1 billion lost annually due to logistics challenges. Greater visibility can help heighten supply chain excellence of pharmaceutical companies along with minimising challenges, delays and disruptions experienced.

How Adapt Ideations Can Assist The Pharmaceutical Industry With Improving Supply Chain Visibility

Innovative asset tracking solutions provide greater transparency into the supply chain and improve efficiency.

Adapt Ideations’ asset tracking solution KELVIN M200 provides greater visibility across global pharmaceutical supply chains. The solution monitors critical parameters such as location, light, shock and temperature of consignments in near real-time. Any deviations from the set parameters result in an automated near real-time alert. The solution also enables compliance and regulations to be simplified throughout the supply chain and the near real-time alerts allow necessary intervention to occur when parameters are broken therefore helping to reduce product damage and waste.

Enquire today at enquiries@adaptideations.com for more information on our innovative asset tracking solutions and how they can enhance your operations.