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Pharma logistics market is projected to reach $167.54 Bn by 2030: Straits Research

Pharma logistics market is projected to reach $167.54 Bn by 2030: Straits Research

The scope of pharmaceutical logistics encompasses the activities of handling, transporting, and managing the supply chain for a wide variety of different products. The vast majority of these products have specific requirements that must be met for the logistics process to handle them properly. In the pharmaceutical industry, the term "logistics" refers to the processes and activities of "procurement," "warehousing," "inventory management," and "transportation" of products. Each of these processes and activities must be carried out while ensuring that the quality of medicines is maintained throughout "inventory management."

Compared to other types of logistics, it stands out as being particularly unique because it must cater to the requirements of hospitals, clinics, pharmacies, and other health centres that take into account storage conditions and maintain temperature and humidity levels. In other words, it must ensure that the conditions in which the goods are stored are kept at the appropriate levels. Participants in the pharmaceutical logistics value chain include suppliers of raw materials and packaging, providers of storage and logistics services (central warehouse, stockiest, semi-warehouse), hospitals and clinics, retailers and pharmacies, and end customers. Other participants in the chain include retailers and semi-warehouses. The contributions made by each of the stakeholders involved in the pharma logistics supply chain result in significant improvement in the quality of this service that is provided.

It is predicted that the demand for over-the-counter (OTC) medications will increase significantly, especially in developing countries such as China, India, Brazil, and South Africa, among others. This can be attributed to a combination of factors, including a rapidly expanding population, an increasing prevalence of diseases and infections, a greater tendency for self-medication among the people, and the easy availability of over-the-counter drugs in pharmacies and retail stores.

In developed economies like the US, over-the-counter medications occupy a central position in nearly every pharmacy, serving as the first-line treatment option for customers with minor health issues. 

According to a study conducted by the Consumer Healthcare Products Association (CHPA), annual spending by American consumers on over-the-counter products exceeds USD 40 billion. It is estimated that over-the-counter medications in the US result in yearly savings of approximately $25 billion compared to prescription medications.

More news about: logistics & distribution | Published by Sudeep Soparkar | June - 17 - 2022

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