Innovation is a critical capability for diagnostic and genomic testing organizations to help them identify and bring new life-changing discoveries to patients.
The real-world outcomes would suggest that life sciences organizations are rapidly improving their success at unlocking new answers. However, based on industry research, it is clear that even the best life sciences organizations still have room for improvement.
An important first step to help these organizations improve their innovation success is understanding the ways in which diagnostic companies commercialize new products and create a supply chain to bring those products to market.
The key is to leverage current operations and real-time data against demand forecast, which in the end helps improve the overall efficiency and productivity of the process. The critical elements that need to be considered include internal and external design, procurement, production, inventory management, kitting, shipping and management reporting. Learn More about TAGmedica
In a report by McKinsey & Company, up to 94 percent of companies that had implemented supply chain practices with other solutions, are able to deliver on time and in full, without keeping inventory in excess of 85 days.
Similarly, companies that did not implement similar practices often had inventory levels remain in the warehouse for more than 108 eight days, and only 87 percent of deliveries were on-time.
The current business environment can be characterized by constant change, shorter product lifecycles, and increased demand uncertainty.
As these conditions have become the norm, life science companies must constantly improve the accuracy and speed in which they bring a product to market to keep a sustainable source of competitive advantage.
Consequently, excellent supply chain performance has emerged as the dominant competitive vehicle for organizations operating in such an uncertain and ever-changing business environment.