The COVID-19 pandemic has led to fast-paced growth in the pharmaceutical logistics market, with Grand View Research expecting the market to grow at a compound annual growth rate (CAGR) of 7.3% from 2020 to 2027. While some of this market growth is credited to the increased consumer demand for over-the-counter products and other factors, the need for secure cold chain solutions for pharmaceutical transportation is expected to provide a significant boost to the pharmaceutical logistics market.
According to the Global Cold Chain Alliance (GCCA), “the cold chain refers to managing the temperature of perishable products in order to maintain quality and safety from the point of origin through the distribution chain to the final consumer.”
Cold chain logistics are critical to ensuring the safe transport of temperature-controlled goods, including foods, beverages, vaccines, medicine, and more. The cold chain encompasses the entire supply chain, from storage and packaging to transport and final delivery.
According to an article by Pharmaceutical Commerce, nearly 18% of all biopharma logistics spending goes to cold chain management. This includes supporting thousands of clinical trials by managing the delivery of temperature-sensitive therapeutics to clinical sites and laboratories all over the world.
The COVID-19 pandemic is certainly a driving force behind much of that spending, with many new vaccines currently in clinical trials that have ultra-low temperature requirements. With the pressure to bring an approved vaccine to market more quickly than ever, and the added strain on resources that comes with developing, storing, and transporting temperature-sensitive pharmaceuticals, companies in the life sciences industry are looking for ways to reduce costs and maintain the safety and quality of their products.
According to Pharmaceutical Commerce, “data is king.” In cold chain logistics for pharmaceuticals, the need for real-time data has never been greater, empowering organizations to act quickly in the event of a temperature threshold breach, route deviation, late arrival or departure, shock event, and more. This real-time data and the ability to intervene when needed not only helps reduce costs associated with product loss but ensures that pharmaceutical supply chains can keep up with demand for these needed products.
IoT solutions like KORE Critical Asset Monitoring provide real-time data and visibility for multi-modal shipment of high-value goods across the globe. The KORE Critical Asset Monitoring solution is an innovative, comprehensive solution to visualize and mitigate the risks associated with high-value supply chains, such as temperature-sensitive pharmaceuticals. Real-time alerts notify stakeholders of anomaly events such as temperature deviation, shock, and tilt, providing complete visibility into the condition of sensitive shipments, such as ultra-low temperature therapeutics.
While the pharmaceutical market is experiencing significant growth, the demands and pressure have never been greater. World leaders are pushing for the rapid development and distribution of a COVID-19 vaccine and treatment, meanwhile consumer demand is increasing for over-the-counter remedies, including vitamins, minerals, and medicines for the common cold, flu, and other seasonal ailments.
With the additional strain on pharmaceutical supply chains, companies are looking to ensure their logistics operations are efficient through IoT cold chain solutions for visibility and risk mitigation. Real-time monitoring for cold chain management will be a game changer for life sciences companies looking to reduce loss and contain costs.
Get the datasheet, “Cold Chain Monitoring Solutions,” to learn more about the cold chain monitoring market and IoT solutions for logistics.