The functionality for Pharma supply chain is growing extensively due to technological advancement. It is a progressive and systematic channel where prescription medicines are manufactured and delivered to patients.
However, the supply chain network is quite challenging to understand. It involves several steps that need to be considered for ensuring that the medications are available and accessible to patients at the right time and at the right place without causing any delays.
Various types of stakeholders are involved in the pharmaceutical supply chain – Manufacturers, Wholesalers, Retailers, Distributors, and PBM (Pharmacy Benefit Managers).
Overview of the supply chain in the Pharma sector
The Pharmaceutical industry is responsible for the research, development, manufacturing, and distribution of medication. In the past two decades, it collected a worldwide revenue totaling 1.42 trillion dollars in 2021. Today, this industry is embracing new technologies, innovations in software, and patient designs and emphasizing a focus on prevention and digital health at the helm.
Here in the supply chain process of Pharma, the stakes are comparatively high for the companies. For an instance, if the drugs are distributed mistakenly it can hamper the reputation of a company and put customers in bad health. No error or mistake is acceptable in this segment because it is directly connected with the health and lives of people.
Challenges faced in the supply chain of the Pharmaceutical segment
As discussed earlier, the supply chain of the Pharmaceutical segment is quite challenging and complex. However, it comes with its own set of challenges –
- Price rise in the drugs
- Counterfeiting and duplication in drugs
- Lack of visibility in the Cold chain shipping
- Temperature for storage and transportation
- Real-time data collection
- Maintaining various countries’ compliance
- Accurately forecasting the demand and managing safety stock
- Expiration dates
So, how can you mitigate these challenges?
What do you mean by Stocking goods functionality?
Stocking goods subject to reservation is a must-requested functionality for Pharma within the Pharmaceutical segment. It is extremely used for regular storage. For an instance, it is used specifically when you have to store goods that are not completely ready or when certain VAL activities precede the result.
What is called quarantine inventory?
Quarantine Inventory means when you place the rejected goods in a quarantine location or warehouse for determining their disposition – rework, return to the vendor, scrap out or use as it is. The main objective of the quarantine area in Pharma is to segregate any discrepant material.
How to strike with the status features?
Status attributes start with a status template. Here you can create an attribute of your choice. This depends on the customers or any reason for the so-called quarantine. For instance, you can use ‘Quality Cust’ and then evaluate the status of the article. In the pharmaceutical vertical, ‘Quarantine’ is a common example. The image below shows an example of these different statuses.
You can easily select these statuses on the document line during an imposition. That’s how you can stock up under several characteristics. Since the ‘initial status’ checkbox is set to ‘available’, your available stock will be by default filtered when outgoing. This represents that the inventory is blocked or quarantined and is omitted from allocation.
Making the stock available
You can automatically make quarantine inventory available through the movement journal. You can also include this in your scanning process. But the most efficient way to adjust stock status is to permit your customers and suppliers to do it themselves through a web portal.
Assigning the status attributes as per the customer
You can link the created status template to customers. You can therefore assign this functionality per customer. It is even possible to create multiple (quality) status templates. And you can set up different statuses for each customer through the customer card.
Add speed and flexibility to your operation
Give your customer control over making stock available. Right from a web portal, your customers can change the status of the lots or carriers in real time without any additional hassle. That saves your time significantly.
So, when your customer clicks on the lot number, he will be directed to a scan screen. On that screen, they will have the option for changing the status of the batches on their own. This will give you extra flexibility and scalability toward your customers.
Most importantly, you don’t have to rectify your stocks on your own through emails from customers, especially when the goods can be released from quarantine. That’s where you can save your time and focus on other core activities.
Stock Management in 3PL
Automatic Software is the operational backbone of any business with a product to sell in the Pharmaceutical sector. Various small and macro-sized Pharma companies often manage manual handwritten stock books.
That’s quite a time-consuming and effort-seeking process. However, with stock maintenance in 3PL, you can conveniently manage your data and utilize it for further labeling and scanning. Our 3PL core service areas include –
- Road Freight
- Warehousing- WMS
- Zone and Cold Storage
- Import – Export Sea & Air Freight
- BC Dynamic 365
At PL Solutions we are committed to streamlining your inventory management process and keeping your shipment process ahead of the problem. Our well-trained and experienced warehouse staff are well-versed in the greatest and latest warehouse innovation. Call us today!