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to the standards imposed by the Drug Controller General of India ( DCGI ) but also standards set by the Drug Regulators of the countries to which the product is being exported . Similar is the situation for most other countries as well .
Some of major supply chain issues faced by healthcare companies , particularly in customs clearance , are about having to deal with the complex procedures which also keep changing time and again . Right from product classification to extensive documentation that includes but is not limited to test certificates , clinical trial reports , licenses , etc . to valuation assessment to inspection to operational requirements like packing , shipment consolidation , containerization , capacity management , warehouse storage and handling , everything affects efficiency of supply chain .
Healthcare companies have , therefore , laid emphasis on putting in place strong operational processes and robust information systems to execute them .
Which are the important trends being witnessed in the supply chain management globally ? Is India updated on these or yet to catch up with the rest of the nations ?
As more and more economies open up and newer markets keep emerging , making the world a truly ‘ connected ’ global market , so to say , Supply Chain Management is evolving into a strategic function more than ever before . It orients all its processes towards addressing the demands of markets diverse in demographics . Therefore , Competitive Sourcing , Distribution Network Planning , Operational Modeling , Complexity and Risk
Management , Resource and Infrastructure Optimization , Process Automation and Control , Logistics Partnerships , Product Standardization and Innovation , Digital Technology and Information Management Systems are proving to be some of the key enablers for organizations giving them competitive edge in supply chain execution . As far as Process Technology Collaboration is concerned , Augmented Reality , Artificial Intelligence and Social Media are opening up the road to future . The number of companies making huge investments into these areas is quite rapidly rising .
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Some of major supply chain issues faced by healthcare companies , particularly in customs clearance , are about having to deal with the complex procedures which also keep changing time and again .
India , despite being the fastest growing economy in the world , has a lot to do yet in terms of improving its supply chain management . Lack of adequate infrastructure is the biggest challenge for India . Pricesensitive fragmented market is another . Add to this a complex tax structure which subjects products to double taxation , by central government and then by respective state governments . However , all these challenges are already recognized by the government and major reforms like massive investment in development of highways , rail and container ports , new green field ports and national waterworks , GST ( Goods and Services Tax ) Bill and simplification of regulatory procedures to facilitate global trade are already on their way to creating an environment conducive to growth . These reforms are accelerators for India not only to catch up but surpass the rest of the nations , including the developed ones .
How does Thomson Reuters help the corporations to streamline their logistics system ? How has been the experience while working with the Indian companies ?
Streamlining not just logistics but the entire supply chain is the most challenging and also rewarding part of achieving sustainable business growth . Thomson Reuters has a set of cloud enterprise software solutions called ONESOURCE Global Trade solutions which help companies streamline their supply chain processes mainly through content , workflow automation and compliance . The solution has already been successful across almost all sectors due to its global and local regional specific capabilities which enable both domestic and multinational companies across various sectors to configure it to their requirements .
In India , the experience has been very encouraging . After having launched our solution in India last year , we have already implemented it for a customer who is now growing into a large account relationship with us expanding footprints of our solutions . Additionally , we have been discussing with customers across all industry sectors and some of the leading pharmaceutical and healthcare companies are quite recognizably evaluating our value proposition and benefits .
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BioVoiceNews | July 2016