Pharmaceutical industry uses logistics for the overall management of the resources right from where it is acquired, stored, and moved. The implementation of logistics in this industry allows for the continuous supply of drugs, equipment, and devices from suppliers and distributors in different locations. Moreover, pharmaceutical logistics primarily caters to large pharmacy retail chains, whole sellers of medical products, as well as directly to clinics and hospitals. Furthermore, pharmaceutical logistics chain is not similar to other regular logistics chains in terms of type of complexity, products, and cost. Since, accessibility & availability of products are very important for both governments and companies. Also, unlike pharmaceuticals there are no other products with higher risk of sterilization, instability, or contamination. Th packaging & transportation from factory to consumer plays a very important role in pharmaceutical logistics and the process needs to maintain and monitored well. In addition, the products while transportation are tracked with GPS, along with remote temperature monitoring in accordance with good distribution practice (GDP) guidelines, ensuring safe transportation and delivery of the products.
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Major Market Players:
Agility Logistics, Air Canada, CEVA Logistics, DB Schenker, Deutsche Post AG, FedEx Corporation, LifeConEx LLC, Marken, United Parcel Service of America Inc., and VersaCold Logistics Services
COVID-19 Impact Analysis:
COVID-19 pandemic had a positive impact on pharmaceutical logistics market since, the demand for pharma products has increased. Moreover, the job of pharmaceutical logistics company was very crucial during this period for timely delivery of drugs so, that hospitals do not have any shortage. Furthermore, there was a lot of import & export of drugs and equipment from all across the world which had to be taken care by pharmaceutical logistics. In addition, the vaccine distribution for COVID-19 will drive the demand for pharmaceutical logistics and it will take a long time get fully complete. Thus, COVID-19 driven the demand for pharmaceutical logistics market than before the pandemic.
Top Impacting Factors
- Rise in demand for pharmaceutical products, rise in demand for better pharmaceutical logistics, and rise in adoption of telematics in pharmaceutical logistics is expected to drive growth of the market.
- However, improper distribution of drugs, stringent government regulations, and product damage due to delays in delivery can hamper growth of the market.
- Moreover, rise in demand for temperature-sensitive pharmaceutical drugs, rise in advanced technology for transportation, and rise in growth of healthcare industry can act as an opportunity for growth of the market.
As the pharmaceutical industry advancing the attention is shifting towards cell and gene therapies, the demand for more advanced storage solutions has increased. The need for temperature monitoring in the pharmaceuticals and healthcare cold chain segment is significantly growing with temperature-sensitive products in the sector. Moreover, the temperature requirement varies according to the specific pharmaceutical product. The life of drugs or vaccines degrade in temperature variations encountered in the supply chain which is the key factor driving the need for cold chain monitoring solutions. For instance, in September 2020, DHL Global Forwarding, an entity of DHL group, announced technology enhancements to its life sciences services division to meet the evolving pharma logistics needs. It has launched New LifeTrack user interface a temperature-controlled shipment tracking portal, providing its customers with real-time analytics, digitalized standard operating procedures (SOP) information, and the lane risk assessment tool. Thus, rise in demand for temperature-sensitive pharmaceutical drugs can act as an opportunity for growth of pharmaceutical logistics market.
Key Benefits of the Report:
- This study presents the analytical depiction of the pharmaceutical logistics market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the pharmaceutical logistics market.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the pharmaceutical logistics market growth scenario.
- The report provides detailed pharmaceutical logistics market analysis based on competitive intensity and how the competition will take shape in coming years.
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