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The importance of the life sciences industry cannot be overstated. However, given the constant changes in the interplay of market forces, it may be jeopardized. Finding the right logistics provider is one of the most pressing supply chain challenges in the life sciences industry.
Fremont, CA: One of the most important lessons to learn in business is that you must learn to recover quickly in such situations rather than avoid trouble. Climate change remains one of the world's most pressing issues. As natural disasters become more powerful and catastrophic, global supply chains, particularly those in the life sciences industry, can be disrupted, causing harm to both businesses and people.
Natural disasters, in particular, make pharmaceutical supply chains vulnerable among the life sciences supply chain challenges. Supply chain disruptions caused by natural disasters can cause a 1 to 3 percent drop in share price in the United States. This percentage is more significant because it includes 80 percent of the active pharmaceutical ingredients.
Overcoming Supply Chain Challenges in the Life Sciences
Supply chain challenges are a fact of life for businesses, particularly those in the life sciences industry. But, on the other hand, companies must not take a defeatist stance in the face of these challenges because steps are being taken to prevent or mitigate their effects: Prepare, React, and Recover.
You must develop a flexible framework to prepare for whatever supply chain challenges may arise through constant surveillance and monitoring.
You can employ digital surveillance across their supply chain and use systems to monitor product availability by leveraging cutting-edge digital tools and analytics. As a result, you can ensure supply chain transparency and create new supply chain patterns, as well as a playbook to refer to when things go wrong.
Communication is critical during natural or unnatural disasters. It is best to be open and honest with your stakeholders and the general public, especially when they are directly involved, such as with product recalls. Companies must always choose to step forward and accept accountability rather than fearing the backlash. Open and honest communication can help solve problems that suppression and hiding cannot.
Recovery looks different depending on the type of disaster that a company is dealing with, whether natural or unnatural.
Despite differences, Recovery from natural or unnatural disasters is based on the same tenet: people must be safe.