Just a few years ago, the pharmaceutical industry had sales that topped one trillion dollars. Of this, approximately 25% was driven from products with an intended temperature range; this includes both cold-chain and control room temperature products. It’s anticipated that both the one trillion-dollar figure and the 25% figure will dramatically increase over the coming years. While the potential growth is great for the pharmaceutical industry, it also increases the potential risk. If efforts are not taken to mitigate risk during the shipping process, the pharmaceutical industry will take on expensive losses.
Losses Are Already An Issue
The pharmaceutical industry loses nearly 50 billion dollar a year on products with temperature excursions. Of this, 20% of the losses are the result of a failed cold chain. A quarter of the losses come because the products degrade during the shipping process, primarily due to incorrect shipping methods or packaging. 30% of the losses can be directly attributed to logistic issues.
As products become more sensitive to temperature changes, the need to protect them while shipping becomes increasingly important. Shipping companies will have to reduce the amount of time products spend in transit, while also choosing the proper materials to ensure shipments arrive as needed.
Choosing The Right Product
When shipping pharmaceuticals, it’s extremely important to work closely with the supply-chain team and shipping agents to choose the right product for the job. A quality product that protects your shipment can ensure the product arrives as the pharmaceutical company intended. Investing in proper shipping methods is a miniscule cost compared to the billions of dollars lost annually from the failed shipments of products that require temperature protection. Consider options like SureTemp’s Elite Container Blanket, which is optimized for heavy use and harsh environments.
