Compliance remains an urgent intervention to maintain consumer safety and effectively manage pharmaceutical supply chain risks. With the latest redaction of the DSCSA (Drug Supply Chain Security Act), compliance regulators are increasingly vigilant in enforcing absolute conformity. Pharmaceutical retailers, suppliers, and manufacturers have witnessed an upsurge in abuse, waste, and fraud in recent years. A 2015 study measuring the footprint of these three supply chain vulnerabilities anticipate worsening conditions if compliance remains an issue. With the right security vulnerability management and remediation resources, enterprises can better mitigate theft, counterfeiting, and diversion within pharmaceutical supply chains. Although there’s abundant compliance software that can rectify pharmaceutical supply chain vulnerabilities, it’s paramount to implement a comprehensive model. Read on to learn how a future-ready pharmaceutical compliance system can virtually transform supply chain processes.
Common Challenges of Pharmaceutical Supply Chains
It’s imperative that enterprises understand the complex challenges affecting pharmaceutical supply chains and recognize the importance of integrating a complete compliance solution. Some of the extreme difficulties disrupting supply chain networks revolve around poor inventory management, shipment visibility, shortage of human resources, demand forecasting deficits, etc. Poor team collaboration/coordination, temperature-sensitive drug transportation and storage, and drug shortages also decelerate productivity throughout supply chains. Companies benefit from increased productivity with retail-time logistics and asset monitoring solutions with modern pharmaceutical compliance software.
Non-compliance negatively impacts pharmaceutical brands’ reputation. In extreme cases, it’s upended supply chains and delayed new product launches. The worst involves consumer safety risks and environmental health concerns. These days, pharmaceutical giants strive for compliance to avoid hefty fees for regulatory violations. The latest statistics indicate that an estimated 47 percent of pharmaceutical corporates have integrated compliance systems to redress supply chain vulnerabilities.
Besides assuaging legal ramifications, pharmaceutical companies utilizing a compliance software solution experience significant manufacturing performance improvement. It also reduces wastage as manufacturers put greater emphasis on improving product quality, in turn, preventing recalls. Additionally, compliance management software bolsters real-time inventory tracking, which enables pharmaceutical companies to monitor all supply chain stages. It’s a powerful tool with proven success in maintaining equilibrium between supply measurements and demand.
Increase Operational Transparency
With the newest DSCSA, trading partners will develop greater transparency as they increase efforts to eliminate counterfeit pharmaceutical products. As trading partners elevate security measures, they’ll witness a series of transformations throughout supply chains. Five contributing elements signaling these changes include: live licensing, patient-centered outcomes, new healthcare delivery modes, product innovation, and increased consumer scrutiny. With pharmaceutical companies striving for product quality improvement and overall transparency throughout supply chains, they’re seriously evaluating existing compliance strategies.