The increased complexity of the pharmaceutical supply chain, managing the sourcing of materials has become extremely challenging.
Important goals of sourcing are:
(1) Reducing time,
(2) Reducing Cost
But achieving above goals are not so easy as
(1) Increase in different regulations
(2) more rigorous enforcement.
If the sourcing function is not rigorously managed, these challenges can result in supply chain interruptions, unexpected expenses and quality control issues.
To overcome this challenging situation:
- Rely on qualified contract development and manufacturing organizations (CDMOs).
- Advanced planning to minimize environmental impacts and prevent delays.
- You need to be aware about global geopolitical events and understand how they could impact the supply chain.
- Keeping a safety stock of materials or finished goods.
- Identifying and qualifying a secondary source.
What more you need to do for selection of suppliers.
- Your purchasing decisions should ensure Quality Mitigating Risk.
- Use Market Intelligence to evolve strategies for unexpected issues.
- Procuring from multiple sources.
- Long term supply agreements with highly qualified, reliable suppliers.
- Weighing the cost advantages of imports against quality and supply continuity.
- Due diligence need to be carried out by spending extra effort.