UPS's sixth annual "Pain in the (Supply) Chain" survey has revealed that the pharmaceutical supply chain is undergoing significant change amid growing concern about product protection and security and the global regulatory environment.
The survey identifies trends in the pharmaceutical sector by gathering data about the practice and strategic plans of global healthcare executives. Of the 441 executives surveyed in North and South America, Asia and Western Europe, 84% will invest in new technologies over the next five years, 78% will enter new global markets and 70% will transform their supply chain by going direct to providers, retailers and even end-patients.
Product security was cited as a greater concern than cost management for the first time since the survey's inception in 2008 - increasing counterfeit sophistication and poor supply chain disability were the most common reasons for this.
Bill Hook, Vice President of global strategy at UPS Healthcare Logistics said, "healthcare companies are balancing a number of priorities related to capturing business growth opportunities in new markets, protecting increasingly sophisticated and high-value products and navigating a complex regulatory environment worldwide. As the industry shifts to meet new customer and market demands, executives are investing in transformative supply chain strategies and strategic partnerships that will help them achieve long-term business goals."