The outlook for a year of change
The pharma industry has faced unprecedented challenges since the outbreak of COVID-19. 2021 has the potential to provide a platform for change, as work and everyday life continues to be transformed as a result of the global pandemic and other key events in 2020.
In 2021 and beyond, more companies will rethink their supply chains, favouring more local or regional partners.
COVID-19 has highlighted vulnerabilities across the pharmaceutical industry, specifically around its raw material and active pharmaceutical ingredient (API) supply chain and overall manufacturing capacity. The majority of ingredients for treatments are traditionally sourced from offshore manufacturers, in China and India for example, and inevitably disruptions to supply as a result of country lockdowns and factory closures have been felt across the market.
In response, many companies have started localising and diversifying their API partnerships to make supply chains more resilient in the event of any future shocks. As such, it is likely that ingredient suppliers and other contract organisations will look to expand their local presence in key target markets to cater to their customers onshoring their supply chains.
In this article with PharmTech, our Executive Vice President Corporate Development Mark Quick, discusses the year ahead.
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