Fixing the Future -Ways to Support the Supply Chain
One of the emerging trends across pharmaceutical companies is the willingness to outsource aspects of the supply chain to experts. In 2020, the global third-party logistics (3PL) market for biopharmaceuticals was estimated at $94.4 billion. Grand View Research estimates a 5.6% growth year over year until at least 2028, driven, in part, by the absolute necessity to build resilience across the supply chain.
The growth is being driven, in part, by the absolute necessity to build resilience across the supply chain. From getting personal protective equipment (PPE) to the aforementioned drug shortages, supply chain issues during the pandemic will continue to hold healthcare institutions hostage. Relying on teams who focus on nothing else but ensuring products and ingredients are where they need to be, when they need to be, is one way to mitigate these issues.
Outsourcing improves communication and provides end-to-end transparency, as 3PL providers have to show their process for industrial clarity and reporting purposes. 3PL companies already know how to react to crises and have contingencies in place — often taking the lead from other industries and sharing that experience to help boost and protect the interests of the life sciences.