Pharma Logistics – The Only Hope Amid COVID-19
Who would have thought that this pandemic will stop the world from functioning normally for so long? It’s been more than a year and we are still trying to navigate safely through COVID-19. Talking about navigation, Pharma logistics is one of the many industries that faced serious challenges, thanks to the pandemic. There was an exponential increase in the demand for pharmaceuticals and frequent changes in local rules and regulations are causing further logistics challenges.
But, the need to supply essential pharmaceutical goods is having a positive impact on the market and is expected to drive the market while the pandemic continues.
Let’s have a look at the numbers, growth, and future assumptions of this Industry.
In 2020, a study on Global Pharmaceutical Drugs And Biologics Logistics Market size reached a value of nearly $90.30 billion with an increase in Compound Annual Growth Rate (CAGR) of 4.1% since 2015. According to research, the market is expected to reach $102.89 Billion by 2025 and $130.03 Billion by 2030. The largest region in global pharmaceutical logistics is North America, accounting for 47.9% of the total 2020 and followed by Asia Pacific, Western Europe, and then the other regions.
Consequently, pharma logistics is also growing due to the rise in demand for Over-The-Counter (OTC) medicines such as Vitamins, Minerals, and Supplements (VMS), common drugs, gastrointestinal drugs, and dermatology products.
The rising significance of quick-track help with the medical care area is likewise driving the market for drug coordinations. In addition, diminishing the appropriation cost by making a solitary source conveyance channel is further boosting the interest for drug coordination. An enormous number of organizations are going into consolidations and acquisitions to extend their topographical presence and restrictive information. They are additionally zeroing in on decreasing the general bundling expenses of their items.
The biotechnology and drug supply chain are especially exposed to the dangers related to item corruption during transport just as resistance with government guidelines, principles, and rules. Accordingly, our team at JSL Global is effectively putting resources into cutting-edge advancements, for example, telematics and predicting far-off events to give security and accommodation during transportation tasks, which is helping drive the market ahead.
The market is highly competitive with many companies striving to offer cloud-based supply chain solutions and secured supply chain functions. This kind of technological implementation helps manufacturers in verifying the authenticity of the drugs, thus avoiding the production of counterfeit drugs and medical devices. Numerous companies are entering into mergers and acquisitions to expand their geographical presence and their proprietary knowledge. They are also focusing on decreasing the overall packaging costs of their goods. In addition, economic reforms are leading to the growth of the global market.