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Increased shrinkage and fraud affecting stock control in the pharmaceuticals industry
Among the many management functions performed in the pharmaceutical trade, few have more of a direct impact than inventory control. Purchasing policies gain a greater amount of attention and it certainly deserves heightened emphasis. However, sound purchasing policies and inventory control are closely intertwined; the one function cannot be effective without the strength of the other. Purchasing requires knowing the right quality and quantity to buy, when to order, at what pricing, and from which suppliers and sources. Inventory is simply the culmination of this buying. Some kind of inventory control system is essential to carry out the purchasing function effectively.
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Supply chain complexity within the Pharmaceuticals industry
Supply chain management is unique within every industry. The pharmaceuticals sectors follows suit with varied and complex supply chain operations. With a business heavily dictated by consumer security and production affordability, the pharmaceuticals industry regularly operates on a global scale and with many safety mechanisms.
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Rising costs vs. maintaining competitive pricing in the Pharmaceuticals industry
The pharmaceutical industry is in some regards not unique from other industries. Pharmaceutical companies design and manufacture commodities that must be sold for a profit in order for the company to survive and grow. Competitive pricing is a key component toward accomplishing this. However, the rising costs incurred by drug companies due to regulation and procurement have made it increasingly difficult to maintain competitive pricing without a detriment in terms of the quality of the product. Steps can be taken through to combat rising costs; the optimization of production operations and the acquisition of more affordable resources will prove vital toward companies operating at a competitive and profitable level.
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Hello and welcome to my blog!
Hello and welcome to my professional blog! This blog has been created to share my thoughts and business knowledge. I am currently working in Saudi Arabia as a Business Consultant and have over 25 years of experience in sales and marketing and business development.
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