Visiongain Publishes Digital Clinical Supply Chain Market Report 2020-2030
26 June 2020
Visiongain has launched a new pharma report Digital Clinical Supply Chain Market Report 2020-2030: Forecasts by Component (Software, Services), Type (Inventory Management, Bulk Drug Management, IVRS/IWRS Management, Others), Delivery Mode (On-Premises, Cloud-Based, Web-Based), End-User (CRO’s, Pharma & Biotech, Others), and Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). PLUS COVID-19 Impact Scenarios.
The global digital clinical supply chain market is anticipated to reach US$xyz million in 2030 from its previous value of US$xyz million in 2020. The overall growth rate for the forecast period 2020 to 2030 is predicted to be xyz%.
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Clinical trials are getting more global, complex, focused, and large, with CROs facing added pressure to complete them faster. A few pressing challenges that contribute to increased uncertainty in the value chain include:
• Unpredictable trial duration and staggered subject recruitment.
• Processes related to the management of overage products, monitoring of shelf-life and expiry, regulated transportation, compliance with labeling requirements in global trial scenarios, and re-labeling that suffer due to lack or restricted real-time visibility in clinical material location.
• Trade compliance, if not managed properly, leads to delays in customs clearance, impacting timelines, and the ability to predict Expected Time of Arrival accurately.
• Sub optimized and/or unreliable processes impact the drug reconciliation process, leading to trial closure delays and compliance issues.
"Pharmaceutical companies are widening their footprints to new countries for their clinical trials. They are also expanding their portfolio in developed markets and launching new products in developing markets more rapidly to minimize or contain costs. Clinical trials are also undergoing improvements in guidelines implementation, adaptive clinical trials (or virtual clinical trials), and strict criteria for product labeling. The growing trend of outsourcing and the growth of specialist organizations provide permutations and combinations provided between trial sites, clinical products and services result in an increasing number of nodes in the supply chain."
Industry Analyst, Visiongain 2020
The supply chain for clinical trials is broad, complex and global, involving many stakeholders ranging from raw material manufacturers, distributors, and marketers to clients. Complex industry trends indicate a need for more integrated IT strategies that can tackle emerging challenges around the supply chain of clinical trials. The introduction of Internet-of-Things, RFID allowed clinical supplies, controlled temperature shipping and developments in mobile technology have helped improve data gathering through the clinical trials supply chain.
Currently, strategies such as, acquisitions, mergers, partnerships, collaborations, and launching new products have helped the key players to establish and fortify their position in the global digital clinical supply chain market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the digital clinical supply chain market. For instance, in December 2018; global CRO Parexel partnered with pharma giant Eli Lilly to support building clinical trial learning and development program in China. The effort was part of the two companies' hope to help drive innovation in China’s biopharmaceutical industry by bringing high-value training opportunities to the country’s clinical trial sites and investigators.
Some of the companies operating across the global digital clinical supply chain industry are Almac Group, Fisher Clinical Services, Inc., Parexel International Corporation, Endpoint Clinical, Inc., Sharp, OmniComm Systems, Signant Health, Marken, Oracle, Catalent, Inc., Covance Inc., and PRA Health Sciences among other prominent players.
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Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
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