Cold pharma logistics companies are beginning to recognize the importance of collaborations and to realize the increased profitability and efficiency they can bring. The industry is exploring new ways to partner with other companies—yes, sometimes even with competitors—in an effort to curtail some of the universal problems it faces. Smart supply chain collaborations help companies partner for mutual benefit to grow their respective shares in competitive markets, meet evolving customer demands, keep up with technology, and produce a number of other benefits. Collaborative cold pharma relationships can actually affect a company’s long-term sustainability. This article will review some reasons collaboration in cold pharma logistics is so beneficial.
The Competitive Edge
Like any relationship, news ones often experience a few bumps in the road. Sometimes it takes time for partners to get used to each other’s ways of operating, and then to make the appropriate adjustments. The same goes for cold pharma logistics companies involved in collaborative relationships.
Initially, the “getting-to-know-each-other” phase can cause (among other growing pains) the pace of each collaborator’s business to slow temporarily. But, after all of the cross-company procedures and technical issues are streamlined through a comprehensive on-boarding process, the companies tend to fall into a more smooth, efficient, process. In time, each partner can expect broaden customer reach and cost savings as a result of the partnerships. These savings can be transferred to customers by way of lower prices and higher service, giving collaborators a competitive edge in the cold pharma logistics market.
Give More Value
Customers expect more than low prices. They also want fast delivery, easy return policies, and exceptional quality. If they can’t get all of this from a company, they will quickly take their business elsewhere. Cold pharma customers are no different. One way to ensure your company is able to consistently provide the services your customers need is collaboration. Partnering with buyers and sellers with different service offerings can help you bring added value to your customers by broadening the scope of your service offerings. This will give you the leg up on your competitors.
Develop New Products and Processes Faster
The growth of the cold pharma market is staggering. Industry regulations are getting tighter, creating the need for the evolvement of compliant processes along with safer packaging and storage technologies. The implementation of research projects aimed at finding innovative ways to improve the customer experience is also continually needed. These are all time-consuming and expensive endeavors. By entering into long-term collaborations, you can share the R&D costs, resources and work together to come up with solutions to industry challenges much faster.
The importance of collaboration in cold pharma goes far beyond increasing the bottom line for 3PLs, supply chain management companies, and their customers. Collaboration is an essential part of the cold pharma industry. It ensures medicines are packaged and transported properly, and then delivered to patients at the right temperature and at the right time. Pharmaceutical companies and the cold pharma industry will continue to create and strengthen collaborative relationships as new technologies develop and become more advanced.
As leaders in the industry, Langham Logistics adapted to the cold pharma collaboration model early. We now collaborate with 120 vendors to ensure consistent cold chain standards are met in transportation. Our work with Intelsius, the pharmaceutical and biotechnology packaging experts, gives us the ability to guarantee pharmaceuticals and diagnostic reagents are kept at the correct temperature from the point of production to delivery to the patient. To make certain our cold logistics network remains in compliance, Langham Logistics partners with the cold chain supply chain design consultants at Modality Solutions. To learn more, reach out to Langham Logistics today. We have your answers to cold pharma collaboration.
