Technology

Advancements in Supply Chain and Logistics Visibility Technology in the Pharmaceutical Industry

The pharmaceutical industry, a cornerstone of global health and economy, is undergoing a transformative phase powered by advancements in supply chain and logistics visibility technology. With major pharmaceutical players like Merck Inc, Teva, Roche, and Pfizer leading the charge, the sector is poised to enhance efficiency and security in ways previously unimaginable.

Technological Evolution and Industry Players

The adoption of cutting-edge supply chain and logistics technologies is not limited to a single player. Companies such as Bristol-Myers Squibb, AstraZeneca, and AbbVie are also diving deep into this technological evolution, leveraging data analytics and real-time monitoring to optimize operations.

Veeva, a notable contender in this domain, provides a plethora of resources including webinars and whitepapers that delve into these advancements within the pharmaceutical sector. Events like Frontiers Health 2022 and ASCO 2018 have furthered discussions on these technologies, highlighting their significance in modern pharmaceutical logistics.

"The pharmaceutical industry has taken time to evaluate new technologies," notes a report. This cautious approach is now bearing fruit, as data-driven insights become integral to logistical strategies.

Real-Time Visibility and Monitoring

At the heart of this technological shift is Tive, a global leader in supply chain and logistics visibility. With more than 1,000 global shippers, logistics service providers, and retailers using its services, Tive's cloud platform, patented sensor technology, and 24/7 monitoring services stand out in the industry.

Tive's recent introduction of the Solo Pro, a validated, real-time visibility tracker for biologics and pharmaceutical shipments, marks a significant milestone. This device enhances the monitoring of conditions such as temperature, humidity, shock, and geolocation, providing stakeholders with critical data to prevent degradation of sensitive medicines.

"The world of pharma logistics has been limited to identifying temperature excursions that cause medicines to degrade," Tive explains. The company's IoT devices capture real-time data and make it available to logistics service providers and pharmaceutical manufacturers, enabling proactive actions in case of incidents.
  • Tive offers 24/7 Managed Services for specific shipment monitoring.
  • The company has achieved device approval on over 170 air carriers.
  • The Tive Green Program promotes reverse logistics in the US and Europe.
  • More than two million Tive trackers have been sold.

On average, 8% of shipments experience issues such as damage, loss, and theft. Continuous improvement of Tive’s platform aims to reduce these numbers, enabling real-time shipment management and optimization.

Standardization and Integration

Another critical development in this sector is the work of FourKites, the first real-time visibility platform to collaborate with the Scheduling Standards Consortium (SSC). This partnership aims to simplify freight scheduling and integration, a challenge within the fragmented ecosystem of shippers, carriers, and intermediaries.

The SSC, which includes participants like J.B. Hunt Transport and Uber Freight, recently endorsed a universal API standard. Released on October 2, 2023, this standard eliminates the need for multiple interfaces, allowing carriers to interact through a single interface. This seamless coordination across supply chains is expected to drive transformative growth throughout the industry.

"Embracing a universal scheduling API unlocks seamless coordination across supply chains," the SSC states, emphasizing the potential for efficiency and innovation.

Emerging Trends and Future Prospects

The pharmaceutical industry's embrace of these technologies aligns with broader trends in supply chain management. Rivian and Samsara's partnership to improve fleet management for electric vehicles, and Torc's launch of the first autonomous trucking hub, illustrate the sector's commitment to next-gen fleet efficiency with AI and beyond.

AI's role in supercharging creativity extends to logistics, where predictive analytics and machine learning enhance decision-making processes. However, the rise of AI also raises ethical concerns, particularly when used in contexts like law enforcement and military intelligence.

The MIT Technology Review, a respected independent media company founded in 1899, continues to cover these technological advancements and their implications. Offering advertising opportunities for brands seeking to engage with a tech-savvy audience, the publication remains at the forefront of reporting on the intersection of technology and industry.

As the pharmaceutical sector navigates this new landscape, the interplay of real-time visibility, standardized integration, and innovative technologies promises a future where efficiency and security are paramount.