Daniel R. Matlis, President, Axendia, Inc.
Globalization and outsourcing have become increasingly prevalent in the Life Sciences Industry. In the first installment of this article series, we shared key finding from Axendia’s research study of 112 Life Science Industry Executives titled, “Achieving Global Supply Chain Visibility, Control & Collaboration in Life Sciences: Business Imperative, Regulatory Necessity”.
In Part II of the series, we are sharing recommendations Life Science Stakeholders should implement to capitalize on the benefits of globalization, while proactively reducing and controlling risks.
The dynamics of the Global Supply Chain are driving the Life Science ecosystem to seek innovative approaches that improve product safety, while at the same time reducing costs and risks. To attain the sustained benefits of globalization, the Life Science ecosystem must implement a new paradigm to manage Global Supply Chains.
To this end, the researchers recommend that Executives in Life Science organizations implement the following three key strategies:
“On-Demand-Visibility” strategies and systems provide the ability to obtain relevant information about the product at the appropriate time to enable decisions with a high degree of confidence based on the analysis of contemporary data.
Control Over the Global Supply Network:
Life Science Organizations must gain tighter control over the complete Supply and Value Chains, from ingredient to patient. Control over the Supply Chain extends well past ingredient and components coming into the corporate manufacturing facility. Brand Owners must deploy systems and technologies to provide visibility and control not only in the Supply Chain, but also in the entire Value Chain, from components and ingredients to the consumer.
Today’s Life Science Product ecosystem encompasses all Stakeholders, including Brand Owners, Regulators, Suppliers, Distributors, Contract Manufacturers, Healthcare providers and consumers. The Life Science ecosystem must work collaboratively to shape strategies and practices to attain “On-Demand-Visibility” and control over Global Supply Networks. The extent of this global reality makes it nearly impossible for any individual organization or agency to accomplish this in a vacuum given the resource constraints in place today. To succeed, collaboration strategies must embrace reasonable and common sense approaches that can be broadly leveraged by all stakeholders.
To request a copy of the report, visit: http://www.axendia.com/2010_LS_GSC.html
We will be sharing 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, in 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, a trusted advisor to Life-Science and Healthcare Executives on Business, Technology and Regulatory issues. Dan has over 20 years of experience solving business, technology and regulatory issues in the Industry.
Dan is the Editor of Life-Science Panorama, a Publication covering the Business, Regulatory and Technology issues facing Industry Executives. He is a frequent lecturer at Industry conferences and has published numerous research reports and paper addressing key issues facing the Life-Sciences and Healthcare industry.