The COVID pandemic continues to affect global supply chains, over two quarters after governments and businesses grapple with the various ways in which it has affected activities and processes globally. The fact that the life sciences supply chain has faced significant pressure as a result is of no surprise, but it has demonstrated a clear need for building resilience in this area. Investing in end-to-end digitalization seems like an obvious necessity, and c-level executives in this industry are unanimously acknowledging this fact. However, tackling constantly evolving complexities on the demand and supply front and on the regulations front, and orchestrating integrated effort at the top management level remains the key to building resilient supply chains that can withstand global crises such as this one.
The life sciences supply chain is subject to a number of pressures and challenges - from fulfilling variable demand of therapeutic products to providing pandemic-related healthcare, from shifting regulatory requirements and pricing pressures to concerns about data collection, storage, and ownership, from the lack of demand visibility to fragile supply chains and cost pressures. These challenges only manifest in greater complexity due to the global impact of the pandemic.
However, the massive amount of data that is generated in the life sciences ecosystem can help companies tackle these challenges and chart roadmaps to greater efficiency and growth.