Dynamic discoveries and emerging technologies in the life science industry are driving profound changes for genetic and diagnostic testing companies who need to rapidly transform their business operations.
These trends are putting new pressure on companies’ manufacturing and supply chain organisations to simultaneously improve the quality of products, increase the speed of delivery, and lower costs.
We’re experiencing a fundamental transformation, marking what could be one of the most significant disruptions to the life science and healthcare industry akin to a new Industrial Revolution.
All of this hinges on a stable and transparent supply chain. Something that is exceptionally more difficult because of the impact Covid has had on the world-wide movement of goods.
Previously advances were made by increasing the scale or speed of production, the new paradigm focuses on increasing efficiency, reducing resource consumption and eliminating waste to find opportunities for greater profit.
With a clear view of current and future industry challenges, testing organisations benefit from supply chain solutions that are tailored to their needs of product creation and distribution such as:
- Design of cost effective and consumer friendly test kits
- Procurement of all necessary medical components
- Production of boxes, instructions and all labeling requirements
- Help with changing regulatory requirements to ensure compliance (for exmaple, The European Union’s (EU) In Vitro Diagnostic Regulation (IVDR)
- Accurate and sophisticated inventory management and control
- Data Analytics with Real time track and trace capabilities to ensure visibility of all product whether in inventory or transit
Few industries face the demand for innovation and quantifiable results like the life sciences. Companies must consistently deliver the right combination of products, at the right time, at the right cost—especially when a changing marketplace leaves little or no room for inefficiency.
These complex core activities can pose financial, operational and technological challenges during rapid growth and commercialization. To offset the cost of these complex core activities, manufacturers often look to streamline processes with experienced suppliers who offer more connected end-to-end supply chain services under one roof.