Global Biopharmaceutical Logistics Market: Overview
Logistics is an essential segment of supply chain management. Logistics allows the pharmaceutical companies to establish consistency as well as efficiency through the international supply chain market. The pharmaceutical sector opts logistics for a complete management of acquiring, storing and moving the resources to the end users as per their needs. Logistics provides a continuous supply of bio pharmaceutical products like vaccines, anti-bodies, somatic cells and other biomolecules from sellers and traders in different places. It also allows the transport of pharmaceutical drugs which do not require cold chain control. Nowadays, the pharmaceutical companies have even started to outsource the logistics domain of the company to the third parties. Logistics market is gaining popularity due to fast track execution and better communication, even this market is in constant process to reduce packaging costs. The market has also witnessed rapid growth due to mergers and acquisitions by the existing players. The market for biopharmaceutical logistics shall be driven by factors such as logistics providers having local contacts and know-how, innovation in packaging and increased manufacture and use of biologic drugs.
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Biopharmaceutical Logistics Market – Snapshot
The developments in the global biopharmaceutical logistics market is predicted to be shaped by the growing number of approvals for biosimilars across the globe. In addition to that, emerging trend of logistics outsourcing and developments in the network of pharmaceutical distribution is estimated to come as factors favoring expansion of the global biopharmaceutical logistics market over the tenure of assessment.
In accordance with a piece of news published in Generics and Biosimilars Initiative, the European Medicine Agency and the European Commission have approved nearly 18 biosimilars in the year 2017. Following the approvals of so many biosimilars, it is prophesized that the global biopharmaceutical logistics market will make substantial gains in the forthcoming years.
Increased Manufacturing of Products that Need Cold Chain Shipment to Bolster Demand
Rapid technological progress made in the field of logistics is also likely to drive the market over the tenure of assessment. Various technologies such as real time monitoring, mobile cloud solutions, and data mining are expected to play decisive role in driving the demand for biopharmaceutical logistics. Besides, monitoring technology helps the logistic companies through alerts so as to buy information for the execution of contingency plans. As such, utilization of these solutions is estimated to influence growth of the global biopharmaceutical logistics market in the years to come.
A rise in the manufacturing of complex proteins, hormone treatments, vaccine, and biologics that need cold chain shipment is prophesized to bolster the demand for biopharmaceutical logistics in near future. As such, delivery and transportation of various pharmaceutical products that need a certain temperature are likely to make considerable gains in the global biopharmaceutical logistics market.
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North America and Europe to Exhibit High Demand for Biopharmaceutical Logistics
Regionally, the market is dominated by North America and Europe. These nations have a high number of exports and imports for biopharmaceuticals, and also are the first ones to introduce advanced technologies for the betterment of transportation and warehousing in the supply chain. In terms of challenges, as the global market for clinical trials expands, there are a few obstacles that manufacturers need to be aware of and clear in order to make shipment arrive in an intact state, at the right temperature, and at the right time. Manufacturers and logistics partners need to be dynamic in responding to changes and navigate through geopolitical hurdles to maintain a superior clinical and commercial supply chain. Moreover, in developing nations, costly biopharmaceuticals going waste due to lack of emphasis on cold chain supply is a challenge which can be overcome to further propel market growth.
For instance, in India, it is reported that close to 25% of vaccines are wasted due to lack of quality supply chain and logistics management system. Improvements planned by the Government in introducing more cold storage facilities in India, is likely to boost market growth in this region.
Companies Mentioned in Report
Key companies profiled in the report include FedEx Corporation, Ceva Logistics LLC, Amerisource Bergen Corporation, Panalpina Group, Kuehne + Nagel International AG, XPO Logistics, Inc., United Parcel Service, Inc., Deutsche Post DHL Group, DB Schenker and C.H. Robinson Worldwide, Inc.
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