2025 Global Market Insights: 7 Essential Tips for Sourcing Pharmaceutical Products Effectively
In the latest industrial report, at present, the expansion of the global pharmaceutical market is expected to touch $1.57 trillion by 2025. Integrated sourcing has now attained a new level of urgency. With competition rising and consumer expectations increasing, it becomes all the more important for companies to identify reliable suppliers and streamline supply chains in terms of both quality and compliance. These forces that are shaping this ever-evolving landscape could mean that a thorough understanding of market trends and strong sourcing strategies implemented by the company yield large savings and greater efficiencies.
As per a survey recently conducted by the Pharmaceutical Research and Manufacturers of America (PhRMA), around 70% said that their companies had encountered difficulties in sourcing raw materials and finished products because of regulatory and geopolitical complexities throughout the sourcing process in 2023. This validates the need for a proactive sourcing strategy that does not only respond to present market forces but continues to be relevant in the face of emerging future disruptions. By applying the best practices and strategies in sourcing pharmaceutical products, organizations could set themselves up for resilience and agility for any market changes that may arise in the future.
Read more »