Pharmaceutical market is facing lots of problem there are so many hindrance market has to go through .There are global challenges as well as problems in their supply chain management.
As the scenario has changed so now this pharmaceuticals industry also has to face this challenge in this growing market where shareholders, markets, regulatory body all creates pressure for change within the market. To be in the market industry need to have a continuous growth and the major challenges that the industry faces in its growth are:
Retaining and attracting skilled workers: Pharmaceutical industry is a industry which is dependent on human ,the key source is talented manpower as it need skilled manpower ,people joining and leaving the industry have great impact on the industry .People are required to access the market to understand its customers and suppliers but the major problem that arises is how to attract these workers and retain them as retaining of manpower is the biggest problem Labor market increases this problem by moving in favor of employee and not employer and the other major problem is lack of skilled labor worldwide .So now the industry need to retain its skilled manpower and at same time need to attract skilled workers to g
Row and survive.
Operating cost controlling: The other major challenge is how to control the operating cost which actually reduces the profit margin .The industry is well aware that operating cost is the major problem but then how to reduce it is the major challenge faced by them.
These are major challenges which the pharmaceuticals industry is facing.
Pharmaceutical industry is also facing problem in their supply chain management. Supply chain management always plays a vital role in any industry for this pharmaceutical industry it has become a major challenge.
Some of the major challenges in the supply chain management of this pharmaceutical industry are:
Problem of counterfeit of drugs:
This pharmaceutical industry faces major problem because of this counterfeiting of drugs. The supply chain management of drugs from the management to the pharmacy includes several intermediaries such as wholesalers, distributors so this leads to the problem of counterfeiting and parallel trade. This problem is mainly in developing countries where the regulatory regimes are weak .INDIA accounts for 1/3 of this problem.
Pharmaceutical industry should do its planning much earlier because this industry is different from other industry .The inventory level may increase too much which is a problem this industry, so before making they should have a proper capacity planning so it should not get waste because storing the product of this market for a long time is nit considered to be good.
Transportation and logistics:
This is a very important issue for this industry as logistics is major part of supply chain management so it always have much influence. This becomes a major problem mainly in developing country where the margins are low but the cost is high so here it becomes a problem. It requires a proper cold chain logistics provider for some products and again this is few in number in developing countries.
Network planning issues:
This problem is mainly because of increasing export because increasing in export leads to increases in supply chain management. This also leads to slower decision making so it becomes hindrance a major hindrance.
There are some other issues apart from these issues:
• Risk management.
• New product development issue.
• Inventory management.
• National and strategic collaboration issue.