Let’s approach the components of supply chain resilience holistically
While inflation and economic pressures force pharmaceutical brands to watch their pennies, they will do well to not tackle cost efficiency as a solo issue. Brands require resilience in an array of 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 its own requirements. For example, if the supply chain is to be cost-efficient, then we must identify cost-cutting opportunities; if it is to remain compliant, then we must address supplier activities that pose risks. However, beneath every resilience factor, exists a common denominator. Directly impacting each factor, is whether the key risks and opportunities are clear. It’s all about visibility. Brands with poor quality supplier data therefore make themselves weak, whereas those with reliable data can be robust.
Pharmaceutical leaders who want to tackle supply chain costs with a holistic approach to resilience, can read on. Costas offers three insights to help you work smart.