With a pivotal position in the global network, India’s pharmaceutical industry is poised to exceed $80 billion by 2025, according to estimates by the Associated Chambers of Commerce of India (ASSOCHAM). Facing competition from domestic and multinational players, India pharma companies have started to diversify and are taking bold steps to strengthen their portfolio.
A key challenges Indian organizations face is that the business differentiator is shifting from being reverse-engineering experts to having improved operational performance parameters such as service level and cost to deliver. Competition is fierce. Pressure to bring down the cost of drugs is an additional element-resulting in the need to reexamines the supply chain. Most Indian companies have successfully figured out how to reverse engineer and manufacture generic drugs but have paid little or no attention to operational aspects.
Challenges in Pharmaceutical / Life Sciences Supply Chain:
- Pharmaceutical products getting exposed to a wide range of temperature extremes during their journey.
- To create a resilient, adaptable and successful supply chain, strong coordination and effective collaboration.
- Supply chain management for clinical trials is difficult to get right.
- Awareness about the unique challenges confronting stakeholders in different locations.