Using Supply Chain Technology to Improve Pharmaceutical Profit Margins
The pharmaceutical industry is one of the most competitive on the planet. The global pharmaceutical industry was estimated to be worth $1 trillion in 2014. While there have been tremendous profits to be earned over the years, and still great potential for the future, the business is not without its constraints.
According to 2016 figures from PhRMA, it takes anywhere from 10 to 15 years to develop a drug and less than 12 percent of drugs entering clinical trials result in an approved medicine. Development costs are nearly 20 percent of a company's sales. Because these R&D costs eat into profits, pharmaceutical firms must find ways to produce better margins on the production side. One way to do this is by employing various supply chain technology solutions.
Improved Forecasting
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