The pharmaceutical industry is constantly changing, and the supply chain is one of the most important areas of transformation.
The pharmaceutical industry is constantly changing, and the supply chain is one of the most important areas of transformation.
Recent events such as pandemics, geopolitical conflicts, rising costs, and uncertain availability have had significant effects on the industry. These are the top three trends affecting the supply chain of pharmaceutical industry and their effects on the industry’s future.
1. “Industry cloud” accelerates pharma cloud-native supply chains.
Industry clouds are cloud services, tools, and applications that have been contextualised for the industry in question and optimised for its most critical use cases. This is being felt by the pharmaceutical industry due to competition from startups and cloud-native disrupters.
Industry clouds offer APIs, common data models, workflows, industry-specific applications, solution accelerators, and a marketplace of third-party partner solutions to work with the platform.
Leading pharmaceutical companies are utilising industry clouds to hasten the transfer of strategic workloads to the cloud in an effort to solve many of these issues.
• Control towers and supply chain orchestration platforms are some of the important ones being taken into consideration.
• Quality control and labs
• Cloud-based MES solutions
• ERP in the cloud
2. Digital ecosystems render traditional supply chains obsolete.
IDC states that by 2025, 75% of business leaders will use digital platforms and ecosystem capabilities to adapt their value chains to new markets, industries, and ecosystems.
Pharma companies have the chance to capitalise on the 70% of new value generated by these digital ecosystems and platform business models. Partnerships with other players in the market are already in motion, such as AstraZeneca and Huma and Pfizer and BioNTech.
Venture capitalists have invested in biotech firms to revolutionise the sector through cutting-edge platform technologies, such as Web3, data platforms, and decentralisation constructs.
3. Generative AI democratizes AI for the masses.
AI is being used in the pharmaceutical sector, from drug discovery to clinical trials. To democratise AI, pharmaceutical companies are using generative AI techniques like GPT-4, BioGPT, ChatGPT, and others (LLM).
These techniques make it easier and more human-like to interact with complicated processes and technologies, leading to productivity gains and improved business effectiveness.
More than 270 businesses are using AI-driven drug discovery, with Gartner predicting that by 2025, generative AI solutions will help find over 30% of new drugs.
Pharmaceutical companies are able to forecast demand, enhance inventory management, and shorten lead times, while also optimising the production process to save time and resources. This will enable them to better meet patient needs and administer treatments.