According to a report on AI in Healthcare Market, the global AI in healthcare is estimated to grow from 20.9 billion dollars in 2024 to 148.4 billion dollars by 2026 with an increase of 48.1 percent. Reports show that nearly 62 percent of healthcare organizations are thinking of investing in AI systems and 72 percent of companies believe with AI. pharmaceutical-supply-chain-optimization.
In the pharmaceutical industry, the supply chain is the backbone that ensures the timely and safe delivery of medicines to patients. This complex network faces numerous challenges like fluctuating demand, regulatory compliance, and the need for precision. After the introduction of AI and predictive analytics, these technologies are transforming pharmaceutical supply chains by enhancing efficiency, accuracy, and durability.
The Role of AI in Pharmaceutical Supply Chains
Artificial Intelligence or AI is a boon to the pharmaceutical industry especially in their supply chain management. From letting companies automate routine tasks to providing deep insights from data analysis, it is revolutionizing how companies manage their operations.
- Demand Forecasting: Traditional demand forecasting doesn’t consider sudden market shifts and unforeseen situations, leaving a huge gap or often failing in right forecasting. AI with predictive analytics can accurately forecast demand because AI considers historical data, market trends and external environment factors like seasonal illness or a health crisis. For example, during the COVID-19 pandemic, AI tools helped predict spikes in demand for vaccines and antiviral drugs. This helped manufacturers to plan the production accordingly.
2. Inventory Management: In pharma industry especially, companies have to be extra careful about predicting stock requirements and automatically replenishing supplies when needed. With real-time insights into demand fluctuations and supply chain disruptions powered by AI, companies can reduce the risk of stock outs and overstocking, hence making sure the essential medicines are always available without cash burnout. For example, Pfizer achieved a 15% reduction in inventory costs and still provided best service with AI. This reduced their cost and significantly increase their operational efficiency.
3. Quality Control: As maintaining the quality of pharmaceutical products is vital, the union of smart devices and AI to monitor temperature conditions in manufacturing and storage units to real-time tracking during transportation, gives companies time for interventions and maintenance to prevent disruptions. This provides the highest standard of quality and safety. AI plays a major role right from raw material procurement to final product delivery. With this companies are able to detect anomalies and deviations from quality standards in real-time. It also helps in improving efficiency by reducing costs and timely delivery of drugs to patients, hospitals, and retail outlets.
Predictive analytics goes hand-in-hand with AI to provide actionable insights that help in better decision-making throughout the supply chain. By providing precise demand forecasting, improving inventory management, bettering quality control, managing risks and meeting govt. regulations, these technologies have become a game changer in the industry. The future of supply chain looks bright with these technologies.
At CRG Solutions, we bring automation to your business faster than ever before and transform your business to find opportunities to address the new challenges you are facing. A Human Workforce augmented with a Digital Workforce is the answer to taking on the additional load and faster turnaround time.
Recent Posts
How Alteryx Supports Workforce Analytics for Talent Retention Amidst Global Layoffs
With the prevailing uncertainty in the job market, global layoffs have become common. In this scenario, talent retention has become the critical priority for organizations planning to maintain operational stability. Organizations need to understand their workforce requirement, predict turnovers and...
How data analytics can help take sustainable actions against climate change
Globally, climate change is visible in all aspects today, and it is one of the pressing issues, and this needs to be addressed. And data analytics has emerged as a powerful tool in finding sustainable solutions. It works with large...
How to map your way to better business decisions with the power of spatial analytics in Alteryx
According to S&P Global Market Intelligence Study, 96% of businesses highlight the importance of data utilization in their decision-making processes. (Ref: https://www.nearshore-it.eu/articles/data-driven-decision-making/) This shows the importance of knowing where your data comes from and what your data is telling you...
Leave a Comments
You must be logged in to post a comment.