We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » FourKites and Accenture Launch Global Supply Chain Research for Pharmaceutical Industry
Press releases are provided by companies as is and have not been edited or checked for accuracy. Any queries should be directed to the company issuing the release.

Upload your press release

FourKites and Accenture Launch Global Supply Chain Research for Pharmaceutical Industry

FourKites and Accenture Launch Global Supply Chain Research for Pharmaceutical Industry
December 7, 2021
No Comments

While approximately half of pharmaceutical organizations have already deployed visibility technology to track raw materials and to better plan their manufacturing, many are dissatisfied with the capabilities of their current solutions. As a result, more than nine in 10 executives plan to implement a more robust digital supply chain visibility (SCV) solution over the next 12 months. That’s according to “The Pharmaceutical Supply Chain: Closing the Visibility Gap,” a new report issued today by FourKites, provider of the world’s leading real-time supply chain visibility platform, and Accenture (NYSE: ACN).

Many existing visibility solutions fail to account for the unique nature of pharmaceutical supply chains, including cold chain shipping, raw material availability, security of shipments in transit, stringent temperature and quality control measures and high inventory costs. COVID-19 further highlighted the acute need for visibility at every node along the pharmaceutical supply chain. According to Supply Chain Dive, vaccine losses due to temperature excursions cost around $34.1 billion annually, while the United Nations reports that greater supply chain visibility into the cold chain could have saved 1 billion vaccines during the COVID pandemic.*

“Only end-to-end supply chain visibility and insights can provide pharmaceutical manufacturers and healthcare providers with the adaptability, precision and agility needed to provide the best patient care and to reduce waste,” said Mathew Elenjickal, founder and CEO of FourKites. “Proactive notifications and continuous monitoring of vaccines and other supplies are the best way for manufacturers and vendors to ensure a product doesn’t fall outside of recommended temperature ranges.”

To better understand the state of the pharmaceutical supply chain, FourKites partnered with Accenture to survey supply chain executives working in pharmaceuticals, biotech, cell and gene therapy, medtech and other related industries. Among the findings, 32% of executives identified product protection and the need to quarantine as their biggest pain points in transporting and storing goods, while nearly 50% cited security and temperature reporting as the biggest issues. Beyond real-time reports for temperature and security, the survey revealed many opportunities for supply chain visibility to help improve inbound challenges and operations.

“The survey results underscore the growing importance of end-to-end supply chain visibility in the pharma space to alleviate these ongoing pain points,” said Gregory Demitrack, Life Sciences, Strategy & Consulting Manager, Accenture. “Accenture was excited to partner on this research with FourKites, the pioneer and clear leader in real-time supply chain visibility solutions, which will serve as an important step in drawing attention to ways to alleviate these pain points.”

Additional Findings
60% of organizations consider quality assurance to be the key driver for enhancing security and visibility requirements, followed by 51% of companies that are focused on improving customer experience and 40% on operational execution.

When it comes to inbound supply chain challenges, 39% of respondents identified supplier manufacturing visibility as the biggest pain point, echoing the concerns of quality assurance as a key driver for innovation. Supplier compliance and product visibility and timing in transit were each highlighted as key obstacles by 37% of respondents.

“Real-time visibility is a building block for us to support a customer-centric ecosystem of health care products, supply chain solutions and adjacent services,” said Joshua Dolan, Vice President of Global Logistics at Cardinal Health. “We’re pulling together all of the components onto our platform for awareness of what’s happening, and it will unlock our supply chain to perpetually operate at the highest level. Visibility is allowing us to actually see — it’s really hard to collaborate when you can’t see what’s happening.”

As the pandemic and unprecedented disruptions continue to challenge pharma supply chains worldwide — including shortages of raw materials, changes in demand patterns and resource shortages — FourKites is helping industry leaders track critical medical supplies from origin to final destination, thereby reducing costs and ensuring compliance with essential pharma quality standards. Over the past six months, FourKites has seen a 40%+ increase in tracked shipments for pharmaceutical customers; a 20% increase in carriers serving pharma customers; and a nearly 50% increase in total miles travelled by pharma customers. One global pharmaceutical customer saved $5.5 million in detention costs and penalties alone using the FourKites platform to track its shipments. FourKites was also named a leader in CB Insights’ recent Pharmaceutical Supply Chain ESP Vendor Assessment Matrix, citing the company’s superior ability to help pharmaceutical customers keep up with changes in critical demand, mitigate disruption and protect products in transport.

To learn more about the findings of the report and the critical importance of supply chain visibility for pharmaceutical companies, register for FourKites’ upcoming webinar, “Modernizing Pharmaceutical Supply Chains”, featuring Accenture’s Gregory Demitrack, Strategy & Consulting Manager of Supply Chain & Operations.

FourKites is the #1 supply chain visibility platform in the world, extending visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2 million shipments daily across road, rail, ocean, air, parcel and courier, and reaching 176 countries, FourKites combines real-time data and powerful machine learning to help companies digitize their end-to-end supply chains. More than 750 of the world’s most recognized brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile supply chains.

https://www.fourkites.com/resources/state-of-pharmaceutical-supply-chain-industry-report-2021/?utm_medium=press
Submit your logistics, material handling, or supply chain related company news in Supply Chain Quarterly's's Industry Press Room section or New Products section
Logistics Strategy Technology
KEYWORDS FourKites, Inc.
  • Related Articles

    FourKites Named a Leader in Pharmaceutical Supply Chain Visibility Report

    Cleo and FourKites Partner to Increase Supply Chain Agility and Visibility for Global Logistics &

    FourKites to Host World’s Leading Companies and NGOs for Global Supply Chain Sustainability Summit

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • How to resolve your inventory dilemma

  • Container prices continue to drop

  • Regionalized supply chains: the key to resilience

  • Warehouse vacancy rates sink to 27-year low

  • Empty shipping containers stack up at U.S. port depots

Featured Video

Cccb7d13 710a 4473 8132 da8b6cc286f1

The Sportsman's Guide Case study: Increasing Accuracy & Productivity

Viewer Contributed
Thanks to the Lucas Warehouse Optimization Suite, The Sportsman's Guide has increased productivity, reduced training time, and experienced a boost in accuracy for both full-time staff and seasonal employees. Want to learn how Lucas can help your DC be more efficient, accurate, and safe while reducing labor costs?...

FEATURED WHITE PAPERS

  • Case Study: Peak Teams helps boost headcount quickly on a short-term project

  • Breaking Bad: Conducting Full Truckload RFPs in the Age of Digital Freight Procurement

  • Omnitracs One – Last Mile Solutions

  • The enterprise shipper's guide to building a smarter truckload RFP

View More

Subscribe to Supply Chain Quarterly

Get Your Subscription
  • SUBSCRIBE
  • E-NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2022. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing