Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Pharmaceutical Logistics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 29, 2021 (GLOBE NEWSWIRE) -- The Global Pharmaceutical Logistics Market is anticipated to grow at a CAGR of around 9.0% during the forecast period 2021 to 2027 and to reach around US$ 133 Bn by 2027.
Increased consumption of pharmaceutical products, medical devices and medical equipment in hospitals across the globe are major factors to drive the growth of global pharmaceutical logistics market.
The market in North America is expected to account for major revenue share in the global pharmaceutical logistics market due to large number of pharmaceutical company’s presence. In North America there are more than 20 top pharmaceutical companies having patented molecules in major therapeutic segment and generic drugs business as well which requires well-structured logistics facilities to distribute throughout the world. Rapid approvals for many pipeline drugs will be a triggering factor to drive growth of the market. leading pharmaceutical logistics market in North America vendors that include Agility Public Warehousing Company KSCP, Air Canada, C.H. Robinson Worldwide Inc., Deutsche Post DHL Group, Expeditors International of Washington Inc., FedEx Corp., Kuehne + Nagel International AG, Penske Truck Leasing Co. LP, Ryder System Inc., and United Parcel Service Inc.
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At FedEx, the company offer customers its own pioneering technology, Sense Aware, which provides safe and compliant transportation of temperature-sensitive shipments in clinical trials and innovative pharma. Its network of connected sensors has the ability to gather, send and monitor data, enabling a comprehensive array of real-time tracking and tracing data. FedEx has also invested in building regulatory compliance as a part of our business process. Through services such as Priority Alert, we have a contingency process for our transportation network, further enhancing our quality compliance to our healthcare customers.
One of the most important objectives of pharmaceutical companies is to ensure safe and reliable distribution of drugs to their patients. However, companies are confronted with very diverse maturity levels of the pharmaceutical markets, different growth potential depending on the geographical region, varying logistics infrastructures as well as political and tax regulations. Therefore, different region-specific approaches in pharmaceutical distribution are necessary.The US market faces high pricing of pharmaceuticals due to missing governmental price controls and limited access to lower priced medicine from abroad. Regions such as Latin America, Africa and Russia still struggle with geopolitical risks, corruption, and illicit medicine.
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The African continent, moreover, must cope with security issues, unstable political situations and approx. 30% of counterfeit products. Although these challenges are rather obvious, they indicate that a detailed analysis is inevitable for pharmaceutical companies before entering those markets. One of the most important issues is the underlying and often fragmented distribution infrastructure, including the availability of sea- and airports, street networks, and suitable warehouses. This is especially important when considering the long distances that need to be covered even in domestic transportation
In mature market advanced distribution networks are the latest trends which offer immediate delivery or next day delivery to domestic supplies and usually additional charges are would be applied. Preference for transportation through air is gaining importance. Also in mature market some of healthcare systems have their own distribution network which means the company will take care of it products till it reaches to customer.
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APAC region considered to be a major key player in pharmaceutical logistics market. India and China occupies the major revenue share due to large number of API and formulation producing companies. India and China also uses railways for distribution of goods to other countries. Pharmaceutical Logistics in the Asia Pacific (APAC) Region is facing diverse market conditions depending on the services, maturity of the market and its political system. Distribution of pharmaceutical products to consumers in African region is a challenge due to unavailability of transport services and local political system.
Japan’s Chugai Pharmaceutical, a member of the Roche Group, exemplifies the importance of elaborate, temperature-controlled environments for transportation. Chugai is undertaking extensive R&D into promising new drugs, and many of the samples they import and export contain sensitive and valuable components. These samples require 24/7 monitoring, and FedEx gives Chugai a sense of confidence and peace of mind that their shipments are not only being closely monitored and protected with specialized solutions, but speedily moving through transportation networks.
Integration of advanced technological solutions in logistics is expected to have positive impact Digitization has significantly transformed pharma and healthcare supply chain operations from improving processes, boosting productivity to enhancing safety via technologies such as big data, machine learning or automation tools which creates a new opportunities in supply chain.
Covid-19 has a great positive impact on pharmaceutical logistics and bit of negative impact as well. Expenditure towards logistics has been raised to ensure safety measurements of pharmaceutical products and employees as well who involved in transportation of goods are prone risk of covid.
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