There is no industry which sees product recall as lethal and fearful as the pharmaceutical sector. As pharmaceutical product consumption directly impacts the human health, every product recall requires the greatest efficiency and speed in getting the inferior good back to HQ. With so many stages ranging from procurement, production, storage to distribution in a typical pharmaceutical supply chain, a recall poses significant challenge to businesses up and down the chain. Coupled with the tightening global regulations pertaining to pharmaceutical products and their supply chains, product recalls are become herculean tasks in the eyes of any supply chain leader.
Statistics has shown that supply chain executives revealed some disconcerting findings about the current state of their companies’ trace, track and recall capabilities. The study revealed a surprising degree of confidence among almost 30 percent of the executives surveyed, despite the fact that almost half of the companies admitted their inability to execute a recall within hours.
Other important findings would include:
- At least 50% of the executives doubt their ability to isolate items with their own supply chain
- An estimated 70% of the executives expressed concern about coordinating recall issues with suppliers and distributors
- Less than 20% have deployed technology solutions to help fully-automate trace and recall processes.
- 46% cited compliance with regulations as a struggle
Clearly, the only way to overcome the problems above is through excellent communication between stakeholders in the supply chain, as well as a good fit of corporate cultures among the up- and downstream of the chain. Technology, such as track-and-trace-identification and automation, also comes in as a necessity to allow swift recalls and minimal disruptions.
BioPharma Asia 2013 presents itself as a one-stop-for-all platform which allows you to meet and network with all these various stakeholders to make important decisions for your company. If you would like to stay ahead of competition and be the first to utilize your supply chain in possible product recalls join us atÂ BioPharma Asia Convention 2013 to discuss the latest SCM industry standards at ourÂ Pharma & Biotech Supply Chain Management World Asia 2013 or download the event prospectus to find out how you can be a part of the largest gathering of pharma professionals in Asia NOW!
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