The Internet Of Things Revolution Coming To The Pharmaceutical Industry

As temperature-controlled distribution increases, the pharmaceutical industry is utilising internet of things capabilities to enhance their operations. IoT enhanced asset trackers allow for the consistent monitoring of the supply chain. This in turn improves the efficiency of logistics to a great extent. Asset monitoring ensures all quality standards have been adhered to and can reduce unexpected financial loss linked to product damage and waste. Pharmaceutical Commerce projects that pharmaceutical cold chain logistics will be worth $16.6 billion by 2021. The report indicates that by 2021 the global pharmaceutical industry would have grown by 41% from 2015, demonstrating strong demand. The resources and monetary costs that are being placed on the storage and transportation of pharmaceuticals indicates their high-value worth. As the need for faster and efficient distribution of pharmaceuticals grows, the utilisation of internet of things technology will enable the industry to revolutionise their cold chain operations.

Biopharmaceuticals are a major subsection of the pharmaceutical industry and require stringent cold chain management. For example, bovine serum is utilised for the manufacturing of vaccines and research purposes. Its lengthy sourcing and manufacturing process alongside its medicinal value makes it a high-value biopharmaceutical. Most bovine serums must be kept between -5 degrees Celsius and -20 degrees Celsius to ensure efficacy. A minor deviation from set parameters can render the product ineffective and with an estimated global market worth of $695 million the pharmaceutical industry cannot risk incurring any losses.

The digitalisation and enhanced visibility provided by internet of things technology will enable the pharmaceutical industry to reduce damage across the cold chain. A report released by The International Air Transport Association (IATA) states that the pharmaceutical industry loses $2.5 billion to $12.5 billion annually as a result of problems with temperature control in transit. The report further estimates that with all the losses incurred annually relating to temperature control, the industry incurs $35 billion in costs every year. The pharmaceutical industry is important for the economic growth and health of nations; thus an efficient supply chain is imperative. The automation of asset monitoring is necessary to improve cold chain management and to increase end-to-end visibility. This would subsequently reduce the reliance on manual monitoring processes and enable greater process assurance, due to increased digitalisation. Internet of things technology enables data to be collected and relayed in near real-time encouraging prompt action to be taken in the event of issues arising. This is critical for the pharmaceutical industry due to the time and temperature-sensitivity of medications.

Adapt Ideations’ IoT enabled asset tracking solution KELVIN M200 can enhance supply chain visibility for the pharmaceutical industry. The innovative asset tracking solution enables near real-time location tracking, and data to be collected on temperature, shock, and light exposure of moving assets. Alerts are relayed in near real-time if any deviations from set parameters occur. The asset tracking solution greatly empowers businesses as it allows them to take necessary action to resolve supply chain challenges experienced. The ability to monitor vital conditions of high-value temperature-sensitive assets, can significantly decrease occurrences of pharmaceutical damage and loss during the supply chain.

Enquire today at enquiries@adaptideations.com to find out how you can improve your asset management with our innovative IoT enabled solutions.