Digital Transformation in Pharma, What's Next?

Last month, Veratrak attended the invite-only LogiPharma Connect event in Montreux Switzerland, where senior pharma supply chain leaders from global pharmaceutical manufacturers met to enhance their understanding of supply chain advancements and  accelerate their digitalisation strategies.

Jason Lacombe, CEO at Veratrak led a keynote panel exploring end-to-end digital ecosystems that drive efficiencies, agility and resilience, featuring guest speakers René Kronenburg, Associate Director Global Distribution, Supply Chain Business Technology Solutions at AbbVie; Rob Treanor, VP Global Operations at Sphere Fluidics, and Denis Yakushin, Director Supply Chain Procurement at BD. The panel explored the importance for supply chain professionals to ensure their digital tools and platforms are integrated across their network to facilitate collaboration and smooth data exchange. 

The audience reflected on some of the challenges in collecting high-quality data, and establishing uniform industrial standards for interoperability, when many pharmaceutical companies face difficulties in retrofitting existing systems with digital technologies and integrating new solutions with legacy infrastructure. 

In an industry that is traditionally cautious about adopting new technologies, the current state and future potential of artificial intelligence (AI) was the most popular topic throughout the two day event, with keynote presentations showcasing how AI driven projects offered significant improvements in efficiency, visibility, and decision-making capabilities. The shift towards embracing AI is driven by the need to address growing challenges in the industry, including globalisation, supply chain complexity, and cost pressures. 

During one of the keynote, one of the speakers commented that a smart way to use AI was to use it to filter the noise that a company is faced with constantly, saying that AI can help by analysing data to identify patterns, trends, and insights that are most relevant to decision-making. This allows businesses to focus on what truly matters rather than getting lost in irrelevant information, and enhance productivity without necessarily increasing their workforce.

A survey of 100 supply chain professionals, conducted by WBR Insights, revealed that while there is considerable enthusiasm for AI, particularly in inventory management and supply chain visibility, many organisations still struggle with integrating AI due to challenges such as data silos and disparate systems. The report emphasises that successful AI implementation hinges on the availability of clean, real-time data sourced from a company's entire trading partner network, rather than solely from internal systems.

At Veratrak, our role is not just about designing systems, it's about creating software solutions that drive operational excellence, ensure security, and simplify data integration. Get in touch with the team to find out more about our innovative supply chain software solutions.