There are a myriad of different supply chain challenges that pharmaceutical companies face, and one important factor that contributes to these challenges is the lack of end-to-end visibility into inventory and operations. Another critical factor is that the supply chain has become increasingly complex over the years. Pharmaceutical companies are challenged by managing to prevent theft, keep track of expiration dates, and know how the drugs are used. Unit-level identification is another part of dealing with the challenges of the modern pharmaceutical supply chain.
This simply means that you examine products at the most basic level: the unit. Doing so helps the pharmaceutical company avoid running out of stock and prevents anyone from creating counterfeit versions of products, too. Unit-level identification helps tackle fraud by knowing exactly how many units of a certain product you have. Therefore, you can easily discover if anyone is over-reporting or under-reporting the amount of a specific product. Unit-level identification is useful in preventing waste as well because it means that you can more effectively track products and you won’t transport too much of a specific product to a specific location.
Additionally, it is important for pharmaceutical companies to limit lost revenue. Lost revenue can occur in many ways, but two causes are most important for this discussion: unit-level drug use and expiration. Drug use and drug demand can also fluctuate.
Because of this, it is vital that pharmaceutical companies gain greater insight into these fluctuations. Pharmaceutical companies can also improve their operational flexibility, and this can prove vital so that they can effectively deliver new and innovative products as part of their overall operations. Pharmaceutical companies also need to integrate solutions that are cost-effective, secure, and compliant. This goes for both technology solutions and operational solutions as well.
What Are Some Solutions Pharmaceutical Companies Can Implement?
If you partner with Verizon, you can take advantage of Verizon 5G as well as mobile edge computing or MEC solutions that give you end-to-end technology so you can look into the supply chain and gain insights from it. You can do this in almost real-time. These technologies can first help link supply chains and also give you more clarity into complicated supply chains that you might not have had previously. These solutions can help you more easily integrate reporting services, data analytics services, and even predictive analytics services. You can even integrate innovative technology, such as artificial intelligence, sensors, and mobility into your supply chain as a result of these solutions.
What Are the Benefits of 5G Ultra Wideband and MEC Solutions?
MEC solutions and 5G Ultra Wideband help you control costs more effectively and better manage your inventory. You can also increase patient safety because you can confirm that medications are both available and legitimate. With these solutions, you can respond in almost real-time if there are any operational or demand changes. MEC solutions and 5G Ultra Wideband help you increase transparency in your supply chain, too.
For more information about data visualization and real-time analytics from Live Earth, check out our real-time data visualization platform. To visit with one of our data consultants, contact Live Earth today.