Latest industry insights from Pharmapack

The team at Veratrak attended the Pharmapack conference last month. Here, Josée Leach, Head of Marketing at Veratrak, shares her insights from attending the event in Paris, France.

I recently had the privilege of attending Pharmapack, a global event dedicated to innovation and knowledge in the pharmaceutical packaging industry. It was an invaluable event that provided great insight into this rapidly-evolving sector. I was able to learn from leading experts in the field while networking with peers, vendors and suppliers. The event provided both current trends and cutting-edge technology developments across all aspects of pharmaceutical packaging and the latest industry trends in general. Here are my two key takeaways from chatting to experts at the event.

Key takeaway No. 1: Need for increased visibility and transparency within supply chain operations

The world of business is changing, and it's happening faster than ever before. The pandemic has demonstrated the need for increased visibility and transparency in supply chain operations. To reduce ambiguity and improve decision making, many companies are beginning to employ predictive forecasting capabilities as well as integrated digital platforms. These platforms enable manufacturers, suppliers and wholesalers to share data in real-time, resulting in unparalleled insight into the supply chain situation. 

These integrated digital platforms drastically help mitigate risk while providing greater control over the flow of goods - allowing businesses to  respond to challenges that arise more effectively. End-to-end supply chain monitoring brings undeniable value across industries by optimising efficiency while reducing costs and risks associated with traditional models.

By consolidating data points from across the organisation's supply chain and beyond into suppliers, third-party logistics providers, manufacturing plants and customers, these tools give companies near real-time visibility into what's going on in their network, and the opportunity to be more agile. 

Ultimately by utilising these various types of tech solutions businesses can get an even more detailed understanding of their entire supply chain - helping them become more sustainable in the process.

Key takeaway No. 2: Need to embed environmental sustainability into pharma’s DNA

The supply chain is a critical component of any business and sustainability should be at the forefront when making decisions that impact it. The pharmaceutical industry is no stranger to the effects of climate change. As more and more attention is drawn to environmental sustainability, pharma companies are being challenged to build supply chains that can drive revenues while reducing operational risks at the same time. Decarbonising healthcare supply chains isn’t easy, as it requires visibility, technology, and a business case for measuring progress. 

However, the world has six years of carbon budget left to limit global temperature increase to 1.5°C compared to pre-industrial levels, and taking action to achieve tangible results is now more critical than ever before. Pharma organisations reported they are shifting their focus to incorporate sustainable ways to create value while also having a positive environmental and social impact. The goal is to meet growing needs with less carbon and resources than before - but how do we make this happen?  

When looking to reduce emissions and resources used in their supply chain, here are some key areas life sciences organisations reported they were focusing on: 

• reducing energy and fuel consumption (scope 1, 2 and 3)
• increasing equipment utilisation 
• optimising their network collaboration 
• replacing fossil fuels with zero-emission solutions & renewable energy sources
• integrating innovations into the value chain
• collaborating with others for new ideas

These steps may sound daunting at first – however, if done correctly, tangible results will benefit both the pharma industry company, and the environment. It’s time for pharma companies to take action and lead the way when it comes to environmental sustainability. 

Summary:

The future of pharma supply chains is dependent on the collaboration and cooperation between its stakeholders. As we look to build resilient and sustainable systems, it’s essential that we prioritise the needs of patients at all times. By aligning with their supply chain partners in this endeavour – such as healthcare providers, manufacturers, distributors and regulators – pharma companies can ensure that everyone involved works towards a shared goal: ensuring safe access to treatments for those who need them most.

At Veratrak, we believe strongly in fostering meaningful relationships with our partners so that together, we can create an efficient and secure pharma supply chain system from which everyone benefits. We understand that by working closely alongside each other, pooling resources and sharing expertise, progress will be made more quickly than ever before – ultimately leading to better patient outcomes.

Next, Veratrak is attending Logipharma Europe, in Lyon, France, 25-27 April, join us there to discuss out how we can help increase visibility across your supply chain, analyse your sustainability efforts and reduce the carbon footprint across your value chain.

> View other events we're attending this year