In the biopharma industry, inventory management is complicated by the fact that manufacturers do not have visibility into the post or pre-manufacturing supply chain and, as we provide lifesaving medications, there is a necessity to ensure that there is a sufficient supply to serve our patients. In some cases, there may also be a regulatory requirement that will mandate inventory levels.
This is the perfect storm in that we do not know exactly how much should be manufactured, but yet the industry needs to be prepared to ensure that all patients (whatever that number might actually be) will always be able to obtain the medications they need.
Advanced Digital Ledger Technology™ (ADLT™) of which the Blockchain is an example, empowers biopharmaceutical manufacturers by helping to gather and transmit supply chain and patient level data to gain a complete picture of the geographic distribution and number of patients actually using the medications being manufactured. It can also be extended to the API and other raw material suppliers to ensure that an end-to-end plan can be assembled.
Imagine a world in which you know where every drug is located across the globe, how long it takes for that drug to move from one part of the supply chain to another, if your API suppliers are experiencing any shortages, and how many patients are using the medication in real-time. ADLT™ can effectively move this information from all of the trusted partners in your supply chain in a highly secure manner and allow an organization to set realistic inventory levels and to adjust the inventory as required.
Does decreasing your current inventory levels from 200+ days to 100 days or less appeal to you? If so, then consider implementing ADLT™ in your organization and begin to free up capital for research and development efforts to ensure a strong pipeline and to help secure the future of your organization’s leading industry position.