Unveiling the Hidden Risks: Exploring Vulnerabilities in the Pharmaceutical Supply Chain
Abstract
The COVID-19 pandemic has highlighted the critical role of the pharmaceutical industry in global health and the economy. However, the industry faces various challenges, including financial difficulties and waste management issues. The cost of services and drug prices pose significant financial challenges that need to be addressed. Public health systems allocate specific budgets for pharmaceutical expenses to control costs. Additionally, issues such as intellectual property, sector fragmentation, and pricing control hinder progress in the industry, despite advancements in infrastructure and research and development capabilities. Developing countries particularly struggle with inadequate investment in research and development, emphasising the need for strengthening the pharmaceutical sector in these regions. Inventory management, new product development, process development, and lean manufacturing are major concerns within the pharmaceutical industry. It is crucial to improve supply chain efficiency, as pharmaceutical wholesalers heavily rely on drug manufacturers while facing fierce competition from retailers. By implementing effective health system workflows, better management of relationships with healthcare beneficiaries, quality monitoring, and information generation can be achieved. Trust and personal connections play significant roles in supplier-customer relations within the healthcare sector, alongside compliance with government regulations. This work also contributes by identifying and prioritising pharmaceutical supply chain risks. Industrial managers can implement proactive policies to minimise these risks, ensuring an efficient pharmaceutical supply chain. Recommendations are provided to assist managers in reducing the occurrence of risks and enhancing overall supply chain performance.
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About this article
Publication Date
06 May 2024
Article Doi
eBook ISBN
978-1-80296-132-4
Publisher
European Publisher
Volume
133
Print ISBN (optional)
-
Edition Number
1st Edition
Pages
1-1110
Subjects
Marketing, retaining, entrepreneurship, management, digital marketing, social entrepreneurship
Cite this article as:
Ghapar, F., Manan, D. I. A., Chew, L. L., Othman, A. K., & Sundram, V. P. K. (2024). Unveiling the Hidden Risks: Exploring Vulnerabilities in the Pharmaceutical Supply Chain. In A. K. Othman, M. K. B. A. Rahman, S. Noranee, N. A. R. Demong, & A. Mat (Eds.), Industry-Academia Linkages for Business Sustainability, vol 133. European Proceedings of Social and Behavioural Sciences (pp. 882-892). European Publisher. https://doi.org/10.15405/epsbs.2024.05.72