The client: Pharmaceutical industry player
Area of engagement: Inventory management
The pharmaceutical industry is responsible for the development, production, and marketing of medications to meet the rising needs of the target customers. With the growing concerns pertaining to healthcare treatments, the pharmaceutical industry has witnessed a promising growth of one trillion US dollars in 2014. The industry is expected to witness considerable growth, owing to an aging population, changing lifestyles, and unhealthy eating habits. The positive influence of drugs on global health, prosperity, and economic productivity are compelling manufacturers to invest highly in R&D to further revolutionize the treatment process. Although the pharmaceutical industry is likely to experience robust growth with technological advances, several factors may influence the growth of the market over the years.
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- Policy reforms: Any changes to the healthcare industry will have a direct impact on the pharmaceutical industry. With healthcare being the top priority of the governments across the globe, leading organizations are facing pressures to meet the adequate quality concerns pertaining to the products offered to the customers. Leading pharmaceutical players should ensure that they meet up with the regulations set forth by the FDA.
- Rising customer expectations: The commercial environment is getting harsher with customers looking for cost constraints in the products offered. Pharmaceutical players need to ensure that new therapies are clinically and economically better than their alternatives. Moreover, the rising number of illnesses is forcing players in the pharmaceutical industry to provide promising solutions with the utmost quality.
- Biosimilars showdown: Biosimilar drugs are capable of increasing the efficacy of medicines and ensure patient safety at considerably low-costs. However, leading players in the pharmaceutical space are not encouraging the use of biosimilars as they degrade innovation capabilities.
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To address these challenges and enhance the production capabilities, organizations are facing the need for an inventory management solution. Inventory management refers to the process of ordering, storing, and controlling companies inventory in terms of the raw materials and components. With the help of a reliable inventory management system, organizations can effectively keep track of their stock manually and determine points and quantities. In addition, inventory management helps businesses restock certain items, the amount of purchase, and the prices to pay.
The Business Challenge
A renowned client in the pharmaceutical industry with companies spread globally wanted to efficiently keep track of their inventory and balance the risks associated with inventory gluts and shortages. The client also wanted to keep the right amount stock level to fulfill the customers’ demand and operate profitably. Moreover, with the help of an inventory management solution, the pharmaceutical industry firm wanted to reorder their supplies to meet the minimum levels and provide a measure of control over the inventory management process. The primary concern of the client was to leverage the use of relevant technologies to gain better visibility into the supply chain system.
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Inventory Management Solution Benefits
The inventory management solution offered by Quantzig helped the client analyze the customer behavior and gain insights into the buying patterns, seasonal demand, and location-based factors. Moreover, the solution also offered an accurate picture of the requirements of the customers and kept quantities of products on hand to avoid out-of-stock issues. The solution also assisted the client to segment the products based on customer demands ranging from high-value, moderate-value, and low-value. With the help of our inventory management solution, the pharmaceutical industry client was able to minimize the cost of inventory while maximizing supply chain efficiency in a timely manner.
Inventory Management Solution Predictive Insights
The solution offered by Quantzig helped the client establish a better relationship and collaboration with the suppliers. The engagement also offered real-time visibility into the inventory in terms of the orders, and vendors, and helped analyze trends in sales and supply chains. The solution further helped the business determine the demand and achieve economies of scale.