TECHNOLOGY DRIVEN SUPPLY CHAIN MANAGEMENT IN PHARMACEUTICAL INDUSTRY

Abstract

Pharmaceutical sector needs to have a transparent and agile supply chain to ensure a continuous and steady supply of drugs, mitigate supply chain disruption, streamline operations of every level and fulfill regulatory requirements. However, the conventional pharmaceutical supply chain is filled with problems like variable demand, lack of efficiency in the chain, and budget limitation. This study determines the contribution of new-age technologies, including Artificial Intelligence (AI), Machine Learning (ML), Predictive Analytics, Internet of Things (IoT), Blockchain, Cloud Computing, and Robotic Process Automation (RPA), in transforming the conventional pharmaceutical supply chain. Founded on an extensive literature review, this study identifies how these technologies can potentially optimize supply chain activities by demand forecasting, logistics optimization, regulatory compliance and elimination of counterfeit drug risks. The study provides a conceptual framework explaining the application of such technologies in various stages of the pharmaceutical supply chain, ranging from R&D of a medicine to the final consumer. Though the technologies provide tremendous enhancement in the resilience and efficiency of the pharmaceutical supply chain, their adoption is also confronted with issues such as barriers to adoption, data security threats and ethical issues. This study concludes that effective use of technology in pharma SCM has the potential to enhance operational efficiency, ensure drug availability and adhere to regulations with ease. Future studies should try to address the current challenges and ascertain actual implementation of these technologies in the supply chain.