Managing the Pharmaceutical Supply Chain: ‘By Wire’ “The next big thing”

Abstract

The emergence of computers in the 20th century has enabled the evolution of new age technology. Today, advances in information technology, the globalization of markets, and the push toward efficiency and sustainability continue to create challenges and opportunities that did not exist few years ago. In recent years, the ever-increasing technical complexity of standard consumer goods, combined with the ever-increasing size and depth of the global market, indicate that the connection between vendors and consumers is usually the link in the supply chain. The stampede to acquire new technologies, scientific innovations and managing technology are an imperative in every sectorfor which the health care industry is not an exception. In the healthcare industry, there could be added risk and complexity in the supply chain that can have adverse effect on patient safety and health outcomes. Hospitals and health systems are beginning to tap into the ignored opportunity: “pharmaceutical supply chain optimization”. Businesses such as healthcare will have to reorganize and continue to modify their business-model to capture potential benefits on emerging technological innovation that can positively affect patient care and costs.