Globalization and outsourcing have become increasingly prevalent in the Life Sciences Industry. These trends are driving the Industry to manage more extended, globally dispersed, complex, and risky supply chains that has Industry Executives concerned. This was a key finding in a major research study of 112 Life Science Industry Executives conducted by Axendia, Inc., titled, “Achieving Global Supply Chain Visibility, Control & Collaboration in Life Sciences: Business Imperative, Regulatory Necessity”.
To request a copy of the report, visit: http://www.axendia.com/2010_LS_GSC.html
According the research,
- 50% of Executives see raw materials sourced outside of the United States as the greatest vulnerability to the supply chain.
- 61% view contaminated or nonconforming raw materials as the top threat in the next 5 years.
- 78% said global sourcing outside of the United States will increase
- 76% said their global manufacturing outside of the United States will be increasing.
These dynamics in the Global Supply Chain are driving the Life Science organizations to seek innovative approaches which improve product safety while at the same time reduce costs and risks. To attain the sustained benefits of globalization, the Life Science ecosystem must implement a new paradigm to manage Global Supply Chains.
In addition, threats that were considered limited or small scale as few as 10 years ago, such as drug counterfeiting and illegal product diversions, are becoming major concerns for Industry Executives.
The ability to control the quality and safety of Life Science products will continue to be a challenge until the Industry implements systems that can provide On-Demand, global visibility into the supply chain. These systems should provide the ability to share practices and information from suppliers, distributors, shippers, and contract manufacturers.
The next installment of this article series, will discuss recommendations Life Science Stakeholders should implement to capitalize on the benefits of globalization, while proactively reducing and controlling risks.
To hear key findings from this research as well as a recommendations and a road map to achieve On-Demand visibility and control over the Global Supply Chain, we invite you to attend our session at the Interphex 2011 Conference “Managing the Risks of Global Supply Chains: Strategies to Reap the Rewards” on Tuesday, March 29, 2011 at 11:15AM
For additional information on this session, visit: http://interphex2011.conferencepath.com/speakerlist/?action=showsessions&userid=16329
Daniel R. Matlis is President of Axendia, Inc. and will be speaking at the 2011 INTERPHEX Conference.