43% report product damage and spoilage as a top global supply chain pain point.1
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.
Adding to the complexity is the fact that many of the products come from emerging markets. With manufacturing spreading across the world, markets are more volatile than ever before. Companies with global supply chains face additional risks, including, but not limited to, adhering to multiple regulatory requirements, longer lead times and supply disruptions caused by global customs and political and/or economic instability in a source country.
In the face of these trends, companies must be able to act quickly in an emergency situation, while keeping costs under tight control. This can be achieved by building an operational model that can reduce risk, systematically respond to supply chain disruptions and protect the value of products from end-to-end.
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.
SOURCE: 1. 2013 UPS Pain in the (Supply) Chain Study