Challenges faced by the pharmaceutical industry

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1. Discuss the challenges faced by the pharmaceutical industry.

The pharmaceutical industry will always hold a place in society, they are never going to have to worry about making money because they will continue to be a billion-dollar industry. Healthcare is being offered to more people so this will also increase their revenue. Certain stipulations however are implemented that poses barriers for the industry. The upkeep and maintenance in order to meet certain rules and regulations however creates challenges in order to keep producing and promoting the products. It is also challenging because you need to be able to sustain your company which is pricy but you need to make a profit without being too expensive for consumers. Meeting the demands of consumers is another challenge that pharmaceutical companies face, being able to supply patients with a variety of health concerns can be difficult.

2. Which of these challenges provide the best opportunity for LVTLS? Why?

The best advantage that Lehigh Valley Transport and Logistics Services (LVTLS) has to gain from the challenges is to establish a better transportation and strategic planning system. These challenges put them in a position to become the first company to meet the overwhelming demands on the pharmaceutical industry. Being able to developing the most efficient and affective system to reach the most consumers providing them with their needs is ideal. Considering the time and effort that goes into the planning of logistics it is important make sure all cylinders are clicking to make things run smoothly. The lack of coordination, perhaps would be the number one issues they would face when it comes to logistics services. If LVTLS can then develop a system where they can meet the needs of the market in an efficient and accessible why they all will profit.

KS

1. Discuss the challenges faced by the pharmaceutical industry.

One of the most prominent challenges that this industry faces is competition – “pharmaceutical sales revenues in the United States have accounted for nearly half of the global total in recent years” (Mikulic, 2020). This means that there are many firms just in the U.S. alone that are vying for the top spot in the industry and being recognized as the best and most prominent. This makes internal competition (to that of the States) that much stronger. In addition, strict government regulations could slow development and implementation of new drugs. Not only could this greatly decrease production, but sooner or later it could stop a particular drug from being developed. Lastly, the industry faces challenges in being able to accommodate the broad needs of consumers and being able provide pharmaceuticals to people of all ages that are scattered in so many different parts of Pennsylvania. Availability and getting the drugs to everyone that needs them is one of its logistical challenges.

This is an industry which has been a mainstay of the U.S. economy for many years providing jobs and good incomes for employees, good returns for investors, and good tax revenues for federal, state and local government and highly regarded by local communities for its economic impact. While still “popular”, the industry has attracted a lot of negative publicity in recent years for pricing practices and slow development of new drugs.

2. Which of these challenges provide the best opportunity for LVTLS? Why?

Pharmaceutical companies have to keep in mind that “if more goods and services are produced, total logistics costs will increase” (Coyle et al., 2017). This is where LVTLS has an advantage. They could build better relationships with the companies that are producing a greater amount of medications and therefore need to distribute on a larger scale. LVTLS could and should build a strategy to where they maximize their collaboration with these companies and provide lower prices for transportation and deliveries of goods, helping them to stay ahead of their competition. However, the best opportunity for LVTLS would be to build more strategic distribution chains, providing them with a better opportunity to get deliveries to those hard-to-reach customers and securing their spot as a company that gets it done no matter how rural the location.

LVTLS should be able to help reduce transportation and warehousing related costs since this is their specialty. They would look for opportunities to combine shipments for lower rates and try to improve delivery times to customer locations. Given their location in proximity to several major ports, New York, Philadelphia and Baltimore, they may be able to help with global shipments both pickup and delivery

-Kristina

References

Coyle, J. J., Langley, C. J., Novack, R. A., & Gibson, B. J. (2017). Supply chain management: A logistics perspective (10th ed.). Cengage Learning.

Mikulic, M. (2020, November 5). U.S. pharmaceutical industry – statistics & facts. Statista. https://www.statista.com/topics/1719/pharmaceutical-industry/

Edited by Kristina Shmakova on Jan 12 at 12:02pm

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