The client: healthcare industry player
Area of engagement: Supply chain visibility
In recent years, the spending on healthcare is witnessing a radical increase, and stakeholders in the healthcare space are facing the need for technology and operational efficiency to address the social determinants of health. The global healthcare sector comprises segments including pharmaceuticals, medical devices, medical imaging, and healthcare IT. Also, with the recent shift from a volume-based to the value-based environment, healthcare providers are facing the need for deploying innovative care delivery models to meet the relentless demand among the consumer segment. Moreover, the healthcare sector is witnessing promising growth owing to the introduction of digitization as a part of the healthcare system.
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The industry at large is influenced by factors such as:
Increasing spending on healthcare: The spending on healthcare is increasing owing to the presence of macroeconomic factors such as increasing aging population and the growing prevalence of chronic disorders. To meet the rising needs of the end-user segments, organizations are facing pressures to bring about clinical innovations and enhance their service levels in the healthcare sector.
Innovations: Leading organizations in the healthcare sector are concerned about offering advanced medical assistance while compromising on the costs. To address such concerns, leading businesses have to rely on R&D and innovations to target prevention, monitoring, and treatment to improve healthcare outcomes and reduce costs.
Regulatory compliance: As the services involved in the healthcare sector are a matter of concern for patient health and safety, governments across the globe are strictly imposing regulations on the quality, safety, and efficacy of drugs and medical devices. Also, with the rising availability of counterfeit products, it becomes essential for the government authorities to go beyond normal compliance and ensure proper regulations before meeting the target requirements.
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To address these challenges and reach out to the end-user segment in a seamless and agile manner, leading organizations are utilizing supply chain visibility solutions. Supply chain visibility ensures better transparency into the supply chain activities right from sourcing to the customer delivery. Moreover, organizations can quickly adapt their logistic plan to the current demands and combat additional supply chain risks such as supply disruptions.
The Business Challenge
A renowned client in the healthcare sector with services spread globally wanted to emphasize on the prompt delivery of treatments by assuring the quality of the products delivered. The client also wanted to gain better visibility into their supply chain process from the supply stage to the end customer delivery. Moreover, with the help of supply chain visibility, the client wanted to maintain a complete picture of the inventory in the supply chain and analyze the profitability of the products. The primary concern of the client was to identify and eliminate delays of the products and reduce variability. In addition, the client also wanted to improve the product profitability by identifying and eliminating wasteful processes.
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The Solution Benefits and the Business Impact
The supply chain visibility solution offered by Quantzig helped the client gain real-time visibility into the supplier production rates, shipment lead times, and customer sales projections. The solutions also helped the client spur efficiency while lowering inventories and improving fulfillment rates. The supply chain visibility solution also sought ways for the healthcare sector client to proactively alert customers about the product’s availability and improve on-time delivery and reduce the overall time to the market. Moreover, the solution also offered a greater reduction in the working capital in terms of fixed and variable costs.
Supply Chain Variability Predictive Insights
The solution offered by Quantzig helped the client offer affordable and effective healthcare products with the utmost quality. The solution also improved access to healthcare by reducing drug and device shortages. Furthermore, the supply chain visibility solution also ensured safety by making it harder for counterfeit products to enter the market.