CIOCoverage is an official Media Partner with Pharma Supply Chain & Security World starting from March 28th 2023.
The Annual Pharma Supply Chain & Security World Summit is back in London for the 5th time, and this time with more focus on optimizing your supply chain challenges to ensure an agile, responsive, streamlined and secured supply chain. The pharmaceutical supply chains are facing a significant challenge in the form of counterfeit drugs that are entering the supply chain from various points at different levels. Pharmaceutical companies that adopt an effective serialisation program have end-to-end visibility and traceability for all of their packaging, labelling, and distribution. This enables them to rapidly identify and quarantine counterfeit products. This helps to protect patients, consumers worldwide, brand equity, reputations and the company’s revenue stream by ensuring compliance with regulatory requirements for serialisation of medicines in emerging markets. The rise of the digital supply chain has been accompanied by an ever-increasing number of regulations that have accelerated its development and adoption. Years ago, the pharmaceutical supply chain regulated only manufacturing and distribution. However, with a rise in economic impact of counterfeit drugs on society, there have been attempts to improve serialisation processes even further.
In spite of past obstacles, innovations like IoT, AI and ML (and Blockchain) have led us into an exciting era of digitization within our industry. Data-driven algorithms and analytics will transform the pharmaceutical supply chain, helping it become more intuitive. With AI’s predictive power combined with ML capabilities to analyse data in a speedy fashion, pharma companies can use this information towards making smarter decisions that lead to greater success throughout all stages of their operations. Combining AI with other advanced technologies, such as blockchain, can create a system that is immutable and transparent. This will also allow for the security of products to be improved in the long run by shielding from counterfeit drugs or substandard medicines.