Let’s approach supply chain resilience holistically
By Costas Xyloyiannis, co-founder and CEO of HICX
While inflation and economic pressures, such as the recent US price reforms, force pharmaceutical brands to be even more frugal than usual, they will do well to not tackle cost efficiency as a solo issue. Brands require resilience in various areas, and chief among these is compliance. Stringent regulations must be followed, although the supply chains from which they are navigated, are incredibly complex.
So, can brands manage resilience factors, such as costs and compliance, holistically? Supplier expert and HICX’s CEO, Costas Xyloyiannis, says they can.
His view is that on the one hand, each factor has unique requirements, such as finding ways to cut costs or to stop risky activities. However, each factor also stems from a common cause: murky supply chains. By fixing poor-quality supplier data, therefore, brands can empower themselves to be robust.
Costas believes that pharmaceutical leaders who can achieve this balance, will futureproof their supply chains and gain true resilience. He offers three insights to leaders who want to get this right.