A big challenge for pharmaceutical supply chains is drug shortage. This gap in the supply chain showed prominently during the Covid-19 pandemic. Drug manufacturers, managers, and distributors have to manage waste from excess, unused inventory, which jeopardizes the well-being of patients and puts strains on costs and drug errors on the business front.
It’s not possible to always have stocks ready to meet demands. On average medical goods are held for 180 days in finished inventory. Additional labor needs to be factored in when trying to manage drug shortages each year along with other alternative therapies.
Compliance, tracking, and tracing of goods is another area of significant concern. Serialization compliance manufacturers, distributors, and pharmacies need to have robust measures for tracing products and produce information regarding the applicable transaction and history.
Identifying and removing counterfeit drugs from the supply chain protects patients, increases the security and delivery of medicines for Governments, companies, and healthcare systems. By identifying and tracing counterfeit and falsified drugs, these can be removed as they’re ineffective and harmful.
Owing to mandatory Government regulations, serial numbers on medications allow a wealth of information that proves to be beneficial for consumers and manufacturers. It’s easier to trace the history, status, and damaged products through this visibility. However, to make this successful, there must be participation from all partners in the supply chain. Knowing the products’ journey and being able to recall products leads to efficiency and prevents obstacles from being repeated.