For the global pharmaceuticals industry, the lack of supply chain visibility and traceability are at the heart of many challenges that they are faced with from drug shortages, counterfeits to cargo thefts. The industry loses between $2.5 to $5 billion a year due to material failures originating somewhere in the supply chain.
BioPharma Dive, a reputed pharma news portal reports that shippers and distributors will shortly need to comply with regulations under the Drug Supply Chain Security Act, which requires any company wishing to sell pharmaceuticals in the U.S. to facilitate product "traceability" by 2023.
For pharmaceutical companies ingraining supply chain visibility and traceability into their system could result in elevated profit margins as well as a safer product.
Recently, a leading developer, manufacturer and marketer of life science solutions- reached out to Bristlecone to help them tackle this goliath of lack of supply chain visibility and traceability.
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