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Are you ready? The likely answer is no, but it’s just as likely that you are working on it. The fact is, the pharmaceutical industry is still wrestling with challenges which will continue to evolve as serialization systems are rolled out.
Take sneek peak at the 7 steps to implementing a full serialization project:
1: Get ready for a cultural change.
2: Invest in high volume items
Currently, the pharmaceutical industry uses tracking and tracing technology heavily in the upstream supply chain. Maintaining visibility of the source of Active Pharmaceutical Ingredients (API) is of utmost importance.
Editor’s Note: Every year, 40 or so students in the MIT Center for Transportation & Logistics’ (MIT CTL) Master of Supply Chain Management (SCM) program complete one-year thesis research projects. The students are early-career business professionals from multiple countries with 2 to 10 years of experience in the industry. Most of the research projects are chosen, sponsored by, and carried out in collaboration with multinational corporations. Joint teams that include MIT SCM students and MIT CTL faculty work on the real-world problems. In this series, we summarize a selection of the latest SCM research. The SCM thesis Serialization of Prescription Drugs in the US: A Centralized View was authored by Aisha Nabiyeva and David Z. Y. Wu, and supervised by Dr. Bruce Arntzen, Executive Director, Supply Chain Management Program, MIT Center for Transportation & Logistics.
By 2020, pharma cold chain logistics spend is anticipated to exceed $16 billion. Despite this massive investment, pharmaceutical supply chains still face tremendous challenges. We sat down with Jack Shaw, Executive Director of the American Blockchain Council, Technology Futurist to discuss this matter, as well as:
- The direct impact blockchain has on the pharma supply chain
- The impact blockchain technology will have on cold chain logistics
- How cold chain pharmaceuticals is preparing for future technologies
Blockchain is the new buzzword in supply chain circles. Unfortunately, there are many examples of much-hyped innovations that promised to transform supply chains overnight, only to peter out or take much longer to gain traction than originally claimed.
Is blockchain technology any different? We are still early in the process of answering that question.