Revolutionizing Pharmaceutical Supply Chains - Harnessing the Power of Blockchain Technology

Supply Chain Management At A Glance

In today's world, due to the globalization of industrial markets and the penetration of international borders, there is a greater sense of competition in the market. Further, organizations need to identify emerging digital technologies that can be used for the development of a new business model to survive and maintain a sustainable competitive advantage in this global economy. As a result, manufacturers have been forced to adopt advanced manufacturing technologies such as 3D printing, rapid prototyping, coupled with internet of things to collect and analyze data. The goal of every business in this competitive and turbulent environment is to provide their customers with the exact quality, quantity, and price of the product that they desire within a reasonable amount of time (Prakash Agrawal, 2018).

Supply chain is a logistics system that manages the flow of goods, services, finances, and information from a source to a customer by passing through three or more organizations. Consequently, supply chain management involves the proactive management of the movement of resources (such as raw materials, services, information, and funds) between the supply chain and end users (i.e., the various flows of resources) (John J. Coyle, 2021). The supply chain management system coordinates activities and flows across boundaries to improve operational efficiency. The management of supply chains is likely to be emphasized in organizations that have a focus on the supply chain. There is no doubt that supply chains consist of an interconnected set of internal and external activities, regardless of how they are defined or from what point of view they are seen. Most of these activities cross geographical boundaries and are complemented by individuals who come from a wide range of cultural backgrounds.