Iurii Motov; Timashov Sergiy/
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Supply chain & logistics Pharma 4.0
Tools that take advantage of advances in AI and machine learning, alongside other burgeoning technologies, are often marked with a ‘4.0’ suffi x to denote that it’s part of the fourth industrial revolution – one in which digital reigns supreme. This next stage in industrialisation is often touted as transformative for pharmaceutical supply chains: but how much change has actually taken place? Andrea Valentino talks to Hui Zhao, associate professor of supply chain management, Smeal College of Business, Penn State University, to understand the supply chain of tomorrow, and explore whether the recent proliferation of new technologies can really be understood as the dawning of Pharma 4.0.
F
or over a decade, the ‘4.0’ moniker has been impossible to avoid. From ‘Logistics 4.0’ and ‘Airport 4.0’ all the way to ‘Waste Management 4.0’, the term has been on the tongues of industry experts for years. And why not? Involving digitalisation, real-time data management and AI, among countless other innovations, the ubiquitous neologism promises to make industries faster and more efficient, all while it cuts costs and offers advantages for end consumers. Certainly, this enthusiasm is clear from even a cursory look at the numbers. Since 2011, when the term was publicly introduced by then-German chancellor Angela Merkel, Google searches for the term have jumped
by 140%. According to work by Fortune Business Insights, meanwhile, the global industry 4.0 market is projected to reach $377bn by 2029, up from just $130bn last year.
Given how fast the bandwagon is speeding, at any rate, it makes sense that the pharmaceutical sector should have climbed aboard too. Again, the statistics here are revealing, with the international ‘Pharma 4.0’ market forecast to enjoy CAGR of 17.7% between 2022-31. If, moreover, the latent potential of new technology is clear across pharma – hardly strange given the sector’s complexity – the supply chain feels like especially fertile ground for the fruits of 4.0. That’s clear across the board, from
Pharma 4.0
World Pharmaceutical Frontiers /
www.worldpharmaceuticals.net
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