How to stay ahead of the competition in Pharma & Healthcare

It's hard to stay in competition in the pharma and healthcare industry! Pharma and 'life sciences' have become a highly competitive global industry. While consumers become increasingly more knowledgeable about the care options available, the cost of healthcare products continues to soar. To succeed in the pharma industry, the need to provide customers with consistently high service levels cannot be understated. Equally, wholesalers & distributors must remain as efficient as possible to stay ahead of the competition.

Assortment management for pharma and healthcare

As new medicines, equipment’s and related products are released by pharma or healthcare manufacturers, many wholesalers now manage huge assortments encompassing many thousands of different SKUs. However, given that every item is exposed to its demand pattern, seasonal influence and supplier profile, Pharmaceutical companies must adopt the right approach to manage every item.

With Slim4, pharmaceutical businesses can easily categorise products depending on the strategic importance to the business using sophisticated ABC analysis. With this enhanced focus, supply chain teams can adopt the most appropriate inventory management strategy for each and every item within the assortment. Ultimately, Slim4 enables businesses to focus their investment in inventory on the items that matter most to the customer.

Automated replenishment for pharmaceuticals

While customers expect their orders to be delivered immediately, wholesalers often face lengthy lead times of up to several months from their suppliers. Consequently, supply chain teams must bridge this gap to satisfy customer demand promptly.

Based on the business rules in place, the forecasted demand and the desired service level, Slim4 can automate the ordering and replenishment process for up to 1.000s of the articles within the assortment. Taking into account local sales patterns combined with local or aggregated seasonality and trends, Slim4 ensures a dynamic order level for every location resulting in higher levels of availability and up to 50% reduction in out of stocks.

Product lifecycle management: the right approach for every phase

As technology and medical research advances, the assortments of wholesalers and distributors in pharma or healthcare must evolve accordingly. As new pharmaceutical products are released these items must be phased ineffectively while End-of-life articles are phased out at minimum cost to the business.

Slim4 has been specifically designed to help pharmaceutical businesses optimise inventory levels throughout every phase of the product lifecycle. Using predecessor/ successor product relationships, our inventory optimisation solution enables the seamless introduction of new articles. Furthermore, through helping businesses to identify when a product reaches the end of the product lifecycle, Slim4 helps businesses to proactively minimise excess and obsolescence.

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