Blog Post
Tackling challenges of rapid growth in the bio-pharma industry
Adapt Ideations • Oct 27, 2019
Even though the cost of bio-pharmaceuticals come at a high price, it has not decreased their growth and profits.
With the rise in demand of bio-pharmaceuticals, greater challenges are now arising with their rapid growth. Even though the cost of bio-pharmaceuticals come at a high price, it has not decreased their growth and profits. McKinsey
states that biopharmaceuticals account for $163 billion in global revenue, which in turn accounts for 20 percent of the pharmaceutical market. Cognizant
highlights that while the market is growing increasingly fast in demand, so too is the amount of waste with 20% of products believed to go to waste in the process of transportation.
Bio-pharmaceuticals itself has the potential to become the core of the pharmaceutical industry considering its extensive rapid market growth and high profits. However, it goes without saying that there are several challenges lying ahead for the bio-pharmaceutical industry including efficiency, meeting increasing regulations in the industry and end-to-end visibility. KELVIN,
a smart IoT asset tracker may just solve all these problems in one, with its capabilities to track the supply chain, reducing bottlenecks in transportation and regulating their transportation. KELVIN has the capability of tracking temperature, light exposure, shock and location. Tracking from A to B at any point in the supply chain is able to become headache and worry free with the help of KELVIN.
Improving efficiency within the supply chain is becoming a prominent challenge as the industry is growing rapidly. The industry at the same time will need to be able to cope with managing increasing inventory, distribution and all aspects of the cold chain coming together. Better managing of the cold chain will enable bio-pharmaceutical companies to reduce waste and improve their efficiency in order to cope with the rapid growth. Cargosense
has pointed out that 20% of pharmaceuticals are damaged due to malfunction within the cold chain. The percentage will only increase further if bio-pharmaceutical companies are unable to increase their efficiency.
This is becoming more manageable by the new technology that is entering the market. KELVIN is a perfect example of the increasing capability of technology that is entering the market. KELVIN tracks consignments anytime, anywhere never failing you by relaying data in near real-time via our platform, becoming one your most valuable assets giving you a competitive edge over your competitors. KELVIN will never leave you having to second guess the data collected making hand-overs during transport a breeze.
As the industry is rapidly growing, regulations and compliance are becoming more complicated. Bio-pharmaceutical companies may find it difficult to keep up with the rising demands of regulation and compliance companies as the industry is growing so fast. KELVIN makes tracing the supply chain from one end to another easy with its near real-time capabilities.
With the supply chain of bio-pharmaceuticals being so rigid, any such violations can instantly affect the potency of the bio-pharmaceuticals risking the patient’s health and ultimately the reputation of pharmaceutical companies. Such technology does not only benefit companies in countries such as Australia, Europe and even the United States of America but also developing countries. Developing countries have experienced numerous issues with counterfeit drugs. KELVIN
has the power to eliminate such drugs entering the market with its endless capabilities. Eliminating counterfeit drugs can not only save lives of those in developing countries, but the reputation of pharmaceutical companies and increase endless visibility in the supply chain.
Creating end-to end visibility in cold chain is essential for the bio-pharmaceutical industry to combat challenges of rapid growth in the industry. Emerging IoT technology will allow end-to-end visibility to be developed. With the increasing visibility, this effectively gives stakeholders a better understanding of not only the processes involved in the bio-pharmaceutical industry but also risks involved, distribution, challenges experienced and delivery of the pharmaceuticals. This ultimately leads to higher retention of customers as more trust is built with great visibility in the pharmaceutical process. Greater visibility is created allowing manual labour to be reduced. KELVIN ultimately is able to transform supply chain processes for the cold chain industry via its near real-time data and endless capabilities. With unexpected delays in transportation KELVIN is able to notify concerned parties of the delay and allow these entities to take immediate measures to combat any potential damage and wastage of the bio-pharmaceuticals.
Challenges of the rapid growth that lies ahead for the bio-pharmaceutical industry are greatly amounting. IoT principles may in fact be the answer to tackling the rapid growth in the industry. With stricter regulations constantly being faced by bio-pharmaceutical companies, it’s no wonder the industry is looking towards a solution that can improve the flow of their supply chain. KELVIN ensures visibility at any point of time in your supply chain from beginning to end, ending uncertainty in the supply chain.
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Temperature-controlled logistics is a crucial aspect of global supply chains, particularly in the pharmaceutical industry. Maintaining the correct temperature during transportation is not just a logistical issue but also a critical factor in ensuring the safety and efficacy of life-saving vaccines and other temperature-sensitive products. As the demand for temperature-sensitive products like vaccines and biologics continues to surge, ensuring their safe transportation is paramount. Any deviation in temperature during transit can compromise the efficacy of these products, leading to significant financial losses and potential health risks. This blog delves into the evolution of temperature-controlled logistics, critical challenges faced in this sector, and groundbreaking innovations that address these challenges. With a focus on real-time monitoring through IoT solutions, we aim to showcase the advancements that contribute to the efficiency and compliance of global pharmaceutical supply chains. Evolution of Temperature-Controlled Logistics Temperature control has undergone a remarkable transformation in the last two decades. Stringent global regulations, customer demand for new temperature ranges, emerging markets with extreme temperatures, and the growing value of drugs like biologics have been essential driving forces. These factors have spurred the evolution of temperature-controlled logistics to meet the demands of a rapidly changing world. The landscape of temperature-controlled logistics is evolving, thanks to technological advancements. Trends include the growing availability of prequalified shippers simplifying the validation process, sophisticated supply chain services, a rising interest in reusable packaging, and advances in temperature-monitoring technology. These innovations contribute to the industry's ability to adapt and thrive in a dynamic environment. Temperature-controlled logistics involves managing the flow of products through a cold chain. Divided into food and pharmaceutical sectors, the global market size of cold chain logistics is projected to grow significantly. From USD 242.39 billion in 2021 to USD 647.47 billion by 2028, exhibiting a CAGR of 15.1%, the industry is expanding rapidly, reflecting its critical role in modern commerce. 3 Key Challenges in Temperature-Controlled Logistics Compliance Issues Stringent Regulatory Standards: Global temperature-controlled logistics operates within a framework of strict regulations set by health and safety authorities. Meeting diverse regulatory requirements across international borders poses a significant challenge for companies in this sector. Documentation & Reporting: Compliance involves meticulous documentation and reporting of temperature-sensitive shipments. Keeping up with the evolving documentation standards requires streamlined processes and robust systems. Validation & Qualification: Ensuring the validation and qualification of equipment and processes according to regulatory standards is an ongoing challenge. The need for continuous validation adds complexity and time constraints to logistics operations. Risks of Temperature Deviations Product Integrity: Temperature-sensitive products, especially pharmaceuticals and biologics, are highly susceptible to temperature deviations. Even brief exposure to temperature breaches during transit can compromise the integrity and efficacy of these products. Financial Implications: Temperature deviations can lead to significant financial losses for companies. Replacing or disposing of compromised products and potential legal repercussions contribute to financial challenges. Supply Chain Disruptions: Temperature deviations can disrupt the entire supply chain, leading to delays in product availability. This not only affects businesses but can have critical implications for healthcare providers and patients relying on timely access to medications. Security & Theft Concerns Value of Cargo: Temperature-sensitive cargo, such as pharmaceuticals, vaccines, and high-value perishable goods, can become a target for theft. The significant value of these products heightens security concerns throughout the supply chain. Vulnerability During Transit: The vulnerability of cargo during transit, particularly in unsecured areas, poses a constant risk. The potential for theft during transportation adds complexity to securing temperature-controlled shipments. Need for Tracking & Monitoring: Ensuring the security of temperature-sensitive cargo requires robust tracking and monitoring systems. Integrating security features, such as real-time location tracking and tamper-evident technologies, is essential to mitigate theft risks. In navigating the intricate landscape of temperature-controlled logistics, companies must address these multifaceted challenges to uphold compliance, safeguard product integrity, and ensure the security of valuable shipments. Innovative solutions, such as advanced monitoring technologies and comprehensive security measures, are crucial in overcoming these challenges and fostering a resilient and efficient supply chain.
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