Lee Feander, senior director with Alvarez & Marsal Healthcare and Life Sciences practice, explores the three areas that pharmaceutical companies need to address to better tackle the current UK drug shortage.
Key insights:
- Sharper forecasting means pharma companies can predict demand surges across the supply chain, using predictive analytics.
- Shorter supply chains can allow for greater levels of control and visibility, however, nearshoring brings with it its own set of challenges.
- Utilising postponement strategies allow for more flexible stock; lower inventories of finished products can be stored in a central postponement hub and only made market specific when demand arises.
From over-the-counter flu tablets to crucial antibiotics and antidepressants, medicines are running scarce in UK pharmacies this year, causing concerns among patients, the government, and the wider pharma industry.