• Latest
  • Trending
  • All

Ten Tips to Cut Costs in the Pharmaceutical Supply Chain

November 16, 2019
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

April 15, 2020
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

April 14, 2020
Mzee Moi’s Ksh10B Gift to Gideon

Mzee Moi’s Ksh10B Gift to Gideon

April 14, 2020
Covid Knights: Corporate social purpose in the time of COVID-19

Covid Knights: Corporate social purpose in the time of COVID-19

April 14, 2020
How Tesla And BMW Are Leading A Supply Chain Renaissance With Blockchain

How Tesla And BMW Are Leading A Supply Chain Renaissance With Blockchain

April 14, 2020
Last Mile Delivery Market Worth Observing Growth | UPS, FedEx, SF Express

Last Mile Delivery Market Worth Observing Growth | UPS, FedEx, SF Express

April 14, 2020
LATAM Cargo strengthens European cargo links

LATAM Cargo strengthens European cargo links

April 14, 2020
Ford making reusable hospital gowns from airbag materials as efforts against coronavirus expand

Ford making reusable hospital gowns from airbag materials as efforts against coronavirus expand

April 14, 2020
Don’t Sweat NBC’s Decision to Cut Back on Television Ad Inventory

Don’t Sweat NBC’s Decision to Cut Back on Television Ad Inventory

April 14, 2020
Software firms sharpen focus on AI, big data as IT spending drops

Software firms sharpen focus on AI, big data as IT spending drops

April 14, 2020
Navigating turbulent times in your supply chain (TL:DR version)

Navigating turbulent times in your supply chain (TL:DR version)

April 14, 2020
  • Supply Chain
  • Logistics
  • Warehousing
  • Procurement
  • Shipping
  • More
    • Strategic Sourcing
    • Spend Analysis
    • Inventory
    • Contact Us
No Result
View All Result
United States International Supply Chain Commission
United States International Supply Chain Commission
Home Spend Analysis

Ten Tips to Cut Costs in the Pharmaceutical Supply Chain

by usiscc
November 16, 2019
in Spend Analysis
0
492
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

In such economic hardships, cuts and better strategies have to be put in place in order for your business to survive. So here are ten top tips which will enable you to improve how much you spend without affecting the quality or efficiency:

Number One: You could cut out the wholesaler (otherwise know as the middle man!). This will:

  • Make the distribution process more speedy as you will be delivering directly to the customer
  • You will cut costs
  • Are able to sell more products because you will be able to offer better prices

Number Two: Improve the tracking in your product, which will:

  • cut down competitors copying your product
  • enable you to stay ahead of your competition by being more efficient

Number Three: Improve your technologies in the manufacturing process.

  • Therefore the products will be created quickly and efficiently.
  • Enhancing your technology in the process will hopefully help to cut the cost of making the product so that you can sell it at a more competitive price.
  • It will also make the manufacturing process more efficient if you update the equipment.

Number Four: You could outsource the manufacturing to new markets such as India or China, which will:

  • Cut labour costs because it will be cheaper there
  • You will be able to make your products cheaper

Number Five: Ensure that quality control is kept as best as it can be.

  • If you have good quality products this will increase sales.
  • When you properly analyse the quality of your products then it could stop disastrous results that may hurt the company which in turn will cost a lot of money
  • As you will be aware, in the pharmaceutical industry there is little room for mistakes
  • Additionally, this industry is extremely competitive and thus if you produce anything that is under the expected quality it could mean that your contracts may move to competitors.

Number Six: Have a proper analysis of where you are spending your money is going:

If you carry out this analysis then you can find out where you can cut costs and make budgeting better

Number Seven: You should cut costs in areas where there is a lot of wastage or money is not being used efficiently.

In every industry there will always be areas where money is not being used as effectively as it could be used. Your thorough analysis will show up any wastage in your company.

Number Eight: You could conduct as supply chain analytics.

This when a business scrutinises the whole supply chain process. It will allow you to assess the areas that need to be improved. The supply chain is very complex because you will deal with several suppliers on a global scale. Certain questions need to be asked such as; which suppliers are the most efficient, what factors effect the supply chain, are you overstocking or understocking?

Number Nine: when you have conducted a supply chain analysis then you should quickly implement the necessary changes to the supply chain in order to increase efficiency and cut costs to the supply chain.

Number Ten: Examine your purchasing team, this will:

  • Ensure that you are getting high quality products without spending too much money
  • You may need to change suppliers to decrease the costs but make sure that you keep the quality to a maximum effect.
  • Make sure that you get detailed data from the purchasers so that you can analyse how efficient and cost- effective you are being.
Share197Tweet123Share49
usiscc

usiscc

  • Trending
  • Comments
  • Latest
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

April 15, 2020
‘Significant opportunity’ in Asia as supply chain integrates, consolidates

‘Significant opportunity’ in Asia as supply chain integrates, consolidates

January 3, 2020
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

0
Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024 – ZMR News Reports

Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024 – ZMR News Reports

0
PHOTOS: Ottawa firefighters respond to warehouse fire

PHOTOS: Ottawa firefighters respond to warehouse fire

0
These inventory trackers will notify you when hard-to-find items are back in stock

These inventory trackers will notify you when hard-to-find items are back in stock

April 15, 2020
Antonov An-225 Mriya: world’s largest cargo plane, history, details

Antonov An-225 Mriya: world’s largest cargo plane, history, details

April 15, 2020
Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

Copperstate Farms Launches International Cannabis Brand DNA Genetics in Arizona Market

April 14, 2020
  • Privacy Policy
  • Terms of Use
  • Disclaimer
  • DMCA
  • Contact Us

Copyright © 2021 United States International Supply Chain Commission (usiscc.org)

No Result
View All Result
  • Supply Chain
  • Logistics
  • Warehousing
  • Procurement
  • Shipping
  • More
    • Strategic Sourcing
    • Spend Analysis
    • Inventory
    • Contact Us

Copyright © 2021 United States International Supply Chain Commission (usiscc.org)

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT