Darshan.K, Assistant Editor, India Pharma Outlook
When opting for an airline courier partner, companies research its reliability and reputation. As time is of the essence, they prefer airlines with a proven track record of on-time flights and excellent service. Partnerships are one of the metrics proven to make or break any company. This holds true in stronger regard for the pharmaceutical sector. Manufacturers in the pharmaceutical industry are constantly seeking ways to optimize their operations and boost efficiency. A strategic move that is required is partnerships with pharmaceutical distribution companies. Innumerable factors come into play when choosing the apt partner.
In a mammoth $92 Billion industry poised only to grow exponentially, major players look for the metrics mentioned below to maximize their offerings while simultaneously maintaining desired profit margins.
Warren Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it.” this holds true no matter the venture. Choosing a reliable pharmacy distributor with proven reliability is critical. Thorough research being conducted is a norm in the medicine distribution business. This is not only to ensure timely delivery but also to uphold the integrity of the pharmaceutical distribution supply chain. In an industry where compliance is non-negotiable, this factor cannot be overlooked.
FedEx has established itself as a reliable partner in wholesale pharmaceutical distribution. Fifty-two years and going strong, it has a strong reputation for timely deliveries and secure handling of sensitive pharmaceutical products. They have become a trusted choice for numerous makers seeking a reliable distribution partner.
"The primary focus remains on delivering exceptional service that surpasses customer expectations," Ardi Sudarto, Vice President & Director, Transcosmos Indonesia.
“Safety regulations are written in blood” is a common statement uttered in industries where human lives are at stake. The pharmaceutical sector is one of those. It is a regular sight to see hefty penalties imposed for failure to adhere to regulations. Along with reputation, manufacturers seek their distribution partners to have a strong commitment to compliance, which minimizes the risk of regulatory violations and helps them maintain the integrity of the pharmaceutical products.
DHL Pharma Logistics, which is recorded to handle over two billion parcels worldwide, is known for its unwavering commitment to regulatory compliance. It adheres to Good Distribution Practice (GDP) and Good Manufacturing Practice (GMP) standards. It has a 20-year history of flawlessly handling pharmaceutical logistics.
"Using the right market research methodology together with leveraging the local marketing expert/local domain industry expert can cater to differences," Mint Charoenporn Kaewmanorom, Head of Marketing and IoT Operations, True Digital Group.
With the signings of numerous free trade agreements, the barriers being lowered are permitting numerous businesses to expand their offerings globally with ease. major pharma players are now finding it easier than ever to partner with distributors. A distribution with an extensive global reach is a prerequisite for any pharmaceutical company to consider global expansion. This allows the pharmacy distributors to expand their client’s reach while expanding their existing networks.
UPS Healthcare boasts an extensive global network, having networks with over 80+ regulatory agencies across the world and has cemented itself as an ideal choice for medicine manufacturers who are seeking to expand their market presence. For a long time, it has provided a robust distribution network for facilitating the transportation of pharmaceutical products across borders.
"Globalization provides organizations with access to a vast array of international markets. This expanded market potential allows companies to diversify their customer base, reduce dependence on a particular market, and drive revenue growth," Elisa Mallis, Managing Director, Center for Creative Leadership.
As Businesses Grow, it is important to ensure all aspects scale along with the revenue-generating aspect; failure to do this has resulted in numerous businesses imploding, unable to keep up with the market demands. A prominent example of this was Facebook’s (Now Meta) largest game developer. This holds true even for pharmaceutical companies; order volumes are bound to increase, and it is important to have a partner who can accommodate the growth without compromising on service quality or efficiency.
XPO Logistics, which also caters to Amazon, has proven itself to be a reliable partner for pharma manufacturers to confidently address the evolving needs of their business, as XPO has the capacity to handle increasing volumes while retaining their service quality.
"When scale increases rapidly, it's challenging to test how your system will operate and fail. Applying countermeasures to common scaling challenges will ensure services can operate in a degraded mode, in case of the systematic failure of subsystems, "Zak Islam, Head of Product Engineering, Atlassian.
With how complex organizations have grown, it is impossible to have a one-stop shop provider for every requirement the makers may need. Partnering with pharmaceutical distribution companies is a strategic decision that can significantly impact the success of a pharmaceutical business. By carefully considering the aforementioned parameters and using strong communication to integrate them, manufacturers can make choices that align with their business goals.
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