Safe and timely delivery of pharmaceuticals or biologics plays a vital role in the profitability of the healthcare industry. However, shipping high-value, time- and temperature-sensitive shipments requires logistical precision to reduce the risk of product damage or loss, revenue loss, and most importantly, timely care of patients.
Companies with global supply chains face additional risks, including, but not limited to, adhering to multiple regulatory requirements, longer lead times, and supply disruptions. To help protect freight shipments against loss, damage or theft from the time they leave the facility until the client receives them, healthcare executives rely on UPS Capital Cargo Insurance. It has higher coverage limits than most standard carrier programs and provides coverage for a majority of unforeseen events including concealed damage, theft, natural disasters, inclement weather and shipping accidents. In addition, UPS Proactive Response® Secure pairs a sophisticated monitoring engine with a team of dedicated logistics experts to anticipate problems, monitor, and intervene when needed. If an unavoidable delay is identified, automatic insurance coverage kicks in to protect you against the unforeseen costs of expedited delivery, product loss and recovery procedures—up to your selling price.
50% of healthcare executives are still feeling the financial impact of the economic downturn.1
In today’s current market conditions, securing working capital has become more and more difficult because of the high interest rates and unfavorable borrowing terms of traditional lending sources. As attractive alternatives, UPS Capital offers UPS Capital Cargo Finance and Global Asset-Based Lending.
These innovative financing solutions allow companies to borrow against offshore warehoused or in-transit goods to obtain the financing needed to support the top upcoming growth strategies for success—including technology investments, global expansion and new distribution models.
The healthcare industry has added complexities due to regulatory demands, product innovations requiring temperature-sensitive storage and shipping, and challenges of expanding into markets with limited healthcare-compliant infrastructure. Rely on experts like UPS and UPS Capital to relieve the pain points in your supply chain to drive business growth and meet the shifting industry demands.
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Covance® Case Study
One of the world’s largest drug development service companies required logistics solutions to meet the unique challenges of running a worldwide lab testing operation. There is no room for error, so they trusted UPS to provide optimal convenience to its customers, greater-than-normal speed deliveries, and reliability and protection for its shipments—including risk mitigation capabilities.
1. UPS Pain in the Chain Survey 2016