3 PRACTICES FOR SUPPLY CHAIN RISK MANAGEMENT IN THE PHARMACEUTICAL AND CHEMICAL INDUSTRY
Since the supply chain risks in the pharmaceutical and chemical industry come with high probability, a proper assessment of them with an apt risk management program is important. Chemical and pharmaceutical insurance in India has leaped to provide the best services, protecting the interests and businesses. Considerably, the supply chain risks are unavoidable but the companies can decrease the higher possible impact by certain practices of greater transparency, robust risk management, and modern technologies. This innovative approach along with better anticipation of having the least disruptions in the supply chains begins with understanding the nature of the risks faced by the chains and then implementing the coverage solutions. First Policy can help your pharma and chemical business in understanding these risks and structuring the best solutions for them.
Here are 3 practices for supply chain risk management.
1. DIVERSIFICATION OF SOURCES
Having multiple and diversified sources instead of a single source to buy materials can secure supply chains. Pharmaceutical and chemical companies can switch to domestic production facilitating risk management to create a balance in the inventory levels. The working of a supply chain should be kept independent of outside factors like government regulations leading to relocations, etc. The estimated studies show that about 38 to 60 percent of the global pharmaceutical trade can diversify their sources potentially.
2. CYBERSECURITY, MODERN TECHNOLOGY, AND INSURANCE COVERAGE
Stepping into digital domains for data security needs a backup, a secured one. Cybersecurity comes as a must-have for all your sensitive information and digital assets. Moving ahead with technologies, wise collaborations with organizations help, for example buying an insurance program. Considering the inevitable risks involved in the supply chain of the pharma and chemical businesses, having full coverage of these risks lowers the impact magnitude of any risk or hazard.
3. REASSESSMENT, SUPPLY CHAIN TRANSPARENCY, AND ROUTINE DRILLS
With an approach of minimizing the impact of risks and being potentially prepared for them, reassessment and routine stress testing can be magnificent practices to aid the supply chain risk management in the pharmaceutical and chemical industry. The possibility of various hazards linked to the supply chain can be assessed continuously with end-to-end transparency on the supplier’s business activities.
First Policy is a trusted organization to comprehend the risk management procedure for your business in the most understandable and professional terms. Having great expertise and experience with the pharmaceutical and chemical businesses, you can reach out to us for the best solutions.