In-Depth Analysis on Growth of Pharmaceutical Logistics Market

Pharmaceutical Logistics means chain management, transport and handling of multiple products, The Products in their logistic treatment require specific conditions. Market database suggests that as mentioned by Spanish Agency for medicines and healthcare products, pharmaceutical products includes biopharmaceuticals, raw materials, cosmetic and perfume, healthcare products, medicines including its topologies, medical and surgical instruments. Thus the target is to satisfy all the logistical specifications for all the products, for example, some require specific temperatures from the production phase to the point of consumption.

Industry Need for Pharmaceutical Logistics

From the market database by Farmaindustria and pharmatech, there are around 212 national and multinational pharmaceutical industries in Spain whose annual income is 15.2 billion Euros, of that 10.6 billion Euros are received because of export. As per market research reports, the export products of pharmaceuticals have very specific logistic needs in packaging and transport, one important condition is to handle temperature and storage till the final destination. For all these needs, we require visibility and traceability of the pharma logistical solutions. Optimized vehicle storage, distribution and transport of pharmaceutical products.

New regulations lead to Complex Pharmaceutical

Market research reports state that on the basis of the European medicines agency, the pharmaceutical products are guaranteed with high quality and safety and promote the need for innovation and competitiveness. In the last few years due to challenges faced by logistics operators to have the specialization and professionalism at a higher level in pharma logistic. An example of this is GDP (Good Distribution practices) which targets to have high quality and integrity of medicines through distribution and transport. Market analysis states that another one is GMP (Good Manufacturing Practices) which ensures that the manufacturer of pharmaceutical products should take care from the start to finish with the proper government requirements in every phase of the supply chain.

As per market analysis, the pharmaceutical industry requires its Logistics to maintain the temperature as required by the product. For example between 2 to 9 and also between 15 to 25 degrees. As well as strictly follow the hygienic standards and logistics operation monitoring from start to end.

In February 2019, Directive 2011/62/EU made a regulation that targets to enrich the legal chain against counterfeit medicines. Business intelligence tools suggest that including two devices in the external pack of the medicines will allow the authorities to authenticate each of the medicines dispensed and also tampering is checked.

A new regulation which is made compulsory from the Feb of next year requires the Logistic Operator to implement along with the pharmaceutical industry, a program that will involve the processing of a large volume of data. Thus, the Pharmaceutical industry is very tough as the operator needs to be very particular in the safety of the products, temperature chain, sterility, and traceability protection from theft and counterfeit. It sells products with high economic value in the global market all over the world.

Pharmaceutical Logistics Market

The U.S. Food and Drug Administration (FDA) approved the use of hydroxychloroquine in an emergency. It is then used to give treatment to teens, adults who are attacked with COVID. Thus the trade for hydroxychloroquine is increasing day by day in every country, especially in India and U.S. The emergency need for the Covid vaccine has made pharmaceutical companies invest in the research of vaccines for the Covid virus. Around 60 countries are doing research on COVID vaccines all around the globe. A few vaccines such as sputnik V, Covishield, and Covaxin are the approved vaccines used especially in India, the U.S, Russia, and the U.K., etc.

By getting approval for the above medicines, key vaccine producers are looking up to distributing the vaccines all through the globe. Business intelligence tools state that to supply these medicines a strong supply chain is needed across the globe. Thus it is estimated to increase the market in the upcoming days. Medicines that cure the novel corona disease are also expected to increase the growth rate of the pharmaceutical logistic market. A market database with substantial market information that is gathered using quality market analysis and along with market research tool and business intelligence tool is the need of the hour.

Market analysis suggest that the growth is also increased with the increase in demand for OTC (Over the counter) medicines such as VMS (Vitamins, Minerals, and Supplements), Dermatology products, Gastrointestinal drugs, and cold drugs.  The increase in demand for fast-track assistance also contributed to the need for logistics.

Working of Pharmaceutical supply chain

There are five steps to ensure that the drug is readily available to the patients

1. Origination of Pharmaceuticals in manufacturing sites.
2. Pharmaceuticals are then transferred to wholesale distributors.
3. It is now present in mail order, Retail, and other types
4. Subject to price negation
5. From Pharmacies delivered to patients.