SUPPLY CHAIN MANAGEMENT
The power of using AI lies in analysing vast datasets , making predictions more accurate and improving decisionmaking . For example , manufacturers can use AI ’ s predictive abilities to know precisely when it ’ s time to restock key ingredients needed to create fine chemical compounds .
Of course , even with AI and forecasting technology , sourcing the needed materials and fine chemicals can still be subject to unpredictable circumstances – wars break out , governments collapse and natural disasters happen . That is why relying on a single source comes with immense risk .
The best way to combat this is simple : a diversified sourcing strategy . Pharmaceutical companies can partner with different suppliers across multiple regions to help ensure supply continuity . This approach means the supply chain is more resilient , and it provides pharmaceutical companies with extra flexibility to quickly adapt to evolving global markets .
Regulatory considerations
Laws and regulations change constantly across all major jurisdictions from the US and EU to China , due to any number of reasons , such as a reaction by government officials to new technology , growing public health
concerns , and more . Pharmaceutical companies and supply chain partners need to stay abreast of new legislation and compliance requirements .
For example , the US recently mandated that pharmaceutical companies provide redundant risk management plans for API shortages . Plus , several more bills are being introduced to help mitigate risks and vulnerabilities in the supply and reliance on foreign suppliers . Even the EU has released sweeping changes to reform its pharmaceutical regulations , marking the biggest change to legislation in the past two decades .
All of this means it will be increasingly difficult for pharmaceutical companies to navigate the complex and fragmented regulatory landscape , leading to supply chain delays , higher costs and staying compliant with each jurisdiction .
Role of advanced analytics
Advanced analytics let companies be proactive instead of reactive , which is a necessity for streamlining operations and avoiding bottlenecks . It allows them to take in real-time data for various points throughout the supply chain , from the manufacturer to transport and distribution , to get a comprehensive view of the entire network .
For example , advanced analytics can predict an upcoming shortage in a key ingredient , giving the company the opportunity to reach out to a different source before the bottleneck happens . Beyond that , predictive models can help in other areas such as waste reduction , inventory management and resource allocation .
Final thoughts
There is one thing that we can all be certain of – the world is constantly changing . From geo-political instability , a growing interconnected global market , and unpredictable world events like the pandemic , it is important to develop reliable and adaptable fine chemical supply chains .
Here we have covered a few solutions such as source diversification , using the blockchain , and employing advanced analytics to streamline operations . The goal is not just to overcome today ’ s obstacles , but also to build a system that can handle tomorrow ’ s uncertainty . ●
Nick Fryer
VP OF MARKETING
SHEER LOGISTICS k + 1 866 200 5884 J nick . fryer @ sheerlogistics . com j https :// sheerlogistics . com /
NOV / DEC 2024 SPECCHEMONLINE . COM
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