How innovative technologies shape the future of pharmaceutical supply chains

Abstract

In the intricate tapestry of the pharmaceutical industry, the supply chain serves as the backbone, orchestrating the production, distribution, and delivery of life-saving medications. This network faces numerous challenges, including supply chain disruptions, counterfeit products, drug shortages, regulatory complexities, and so on. To address these issues, this study employed a multi-faceted methodology integrating blockchain, the Internet of Things (IoT), and artificial intelligence (AI) to enhance supply chain management. This article first provides an overview of the current pharmaceutical supply chain and its challenges. It then examines emerging technologies, compares these technologies to traditional practices based on criteria such as efficiency, accuracy, cost-effectiveness, traceability, and scalability, and concludes by discussing the adoption of these technologies in the pharmaceutical supply chain. Key findings reveal that blockchain provides immutable records and enhances traceability, IoT enables real-time monitoring and improved inventory management, and AI supports demand forecasting and anomaly detection. These advancements collectively enhance supply chain operations, offering superior efficiency and accuracy, reduced operational costs, improved traceability, and greater scalability. The study highlights that the adoption of these technologies represents a promising path towards achieving greater operational excellence and integrity in pharmaceutical supply chain operations.