Pharmaceutical supply chain management is quick and demands efficiency, dependability, and cost-effectiveness. Stakeholder participation and technological integration can overcome constraints and encourage innovation.
The difference between procurement planning and implementation is a supply chain management issue. Poor planning causes delays for procurement experts, resulting in lost opportunities and lower output. Sometimes, urgent purchase requires lowering quality and standards for expediency by foregoing ideal possibilities.
The ETPharma Future-Ready Pharma Supply Chain Summit, themed ‘Resilience, Integrity, and Sustainability’, featured a thought-provoking panel on ‘Tech-Forward Strategies: Advancing Pharma Supply Chains via Digitalisation’ The debate panel featured Neuland Laboratories Chief Procurement Officer Sundar Narsimhan, Aarti Industries Ltd. Chief Procurement Officer Dr. Prasanta Gupta, and Alkem Laboratories Ltd. Sr Vice President – Global Distribution and Supply Chain Vijay Shetty. ETPharma Senior Digital Content Producer Prabhat Prakash monitored.
Initiating the discourse, Dr. Gupta stressed that an inadequate procurement strategy might hurt the supply chain, costing opportunities and lowering product quality. Technological advances allow for faster delivery and better negotiation.
Modern technologies like machine learning (ML) and artificial intelligence (AI) allow procurement teams to monitor supplier performance and market trends in real time and act quickly. Technology may reduce risks, increase productivity, and provide companies a competitive edge while enhancing supply chain quality and reliability.
Supply chain transparency changes mindsets and improves systems, he said. Technology-enabled tracking and accountability can improve organizational effectiveness and create positive change.”
Technology provides numerous benefits, but people are still needed to build supply chain trust and cooperation. Effective supplier involvement, open communication, and consistent policy implementation are needed to build and maintain mutually beneficial relationships.
Organizations can foster cooperation and partnership by incorporating stakeholder input and being fair and honest. Building alliances and industrial associations to share ideas and solve problems can boost innovation and development.
Shetty said technology in supply chain management modernizes customer experience by providing timely updates and proactive solutions. By using predictive analytics and working with shipping firms, businesses may anticipate and avoid shipment delays.
Proactively avoiding disruptions and maintaining their word can boost customer satisfaction. Tech-savvy organizations may remain ahead of the competition and build consumer loyalty by portraying confidence and reliability.
He continued, “Proactive problem-solving and effective communication are key to customer satisfaction. Technology-enabled alerts and notifications help organizations avoid disruptions and run smoothly.
AI has revolutionized pharmaceutical order processing and management, where accuracy and productivity are crucial. An automated gateway parses distributor emails using AI. Using NLP algorithms, the system extracts order details, quantities, and delivery addresses without manual data entry. This reduces errors and speeds up order processing, improving operational efficiency.
AI algorithms help businesses forecast demand with unprecedented accuracy, enabling them to better manage production and inventories. AI-powered predictive analytics models may predict demand swings based on prior sales data, industry trends, and external factors like weather and economic indicators. Supply chain strength increases.
The COVID-19 pandemic accelerated procurement digitisation and coordination, Narsimhan said. Digital platforms are helping companies survive unprecedented supply chain disruptions and remote work. This adjustment increased stakeholder participation and highlighted technology’s importance.
Thus, providers used digital platforms more, improving procurement processes. The epidemic accelerated digital technology adoption, highlighting their importance in crisis management and supply chain resilience.
He noted, “Proactive engagement and consistent policy enforcement helped rebuild supplier confidence despite the facelessness of electronic procurement processes. By prioritizing justice and openness, organizations may maximize procurement value and save money.”
In industries that use advanced machinery and equipment, AI-driven predictive maintenance solutions improve asset performance and reduce downtime. ML algorithms, IoT sensors, and maintenance data allow these systems to predict equipment problems and perform preventive maintenance. Manufacturing facility maintenance teams can schedule preventive repairs or replacements using AI-powered predictive maintenance algorithms that analyse real-time sensor data and identify early signs of equipment degradation or malfunctions to maximise equipment uptime and operational efficiency.
The seminar concluded that blockchain and AI technology are revolutionizing supply chain management, creating new opportunities for productivity, openness, and creativity. Through the implementation of these technologies and their revolutionary potential, organizations can improve their competitiveness, decrease risks, and confidently manage complex global supply chains. AI and blockchain will expedite technical innovation and enable a more resilient, agile, and sustainable supply chain optimisation.
