The industry of cold chain logistics, valued at around $73 billion this year, requires standardized handling procedures, specialized transport equipment, and a high level of regulatory compliance. What’s more, it’s continuing to expand. The increasing need for medicines and PPE as a result of COVID-19 is just one of the factors contributing to market expansion.
There’s an increasing need for a wide range of medicines that are used to treat chronic and lifestyle-related diseases, in addition to the growing demand for illicit drugs. There’s also increased pressure on Over-the-Counter medications like vitamins, minerals, cough and cold medications, as well as gastrointestinal and dermatological goods.
As our list of typical and uncommon health issues grows, so does our hope for cures and therapies. And the pharmaceutical business is rising to the occasion by continually developing a wider range of medicines, many of them requiring temperature-controlled transportation under good cold chain management.
With so many pharmaceutical products travelling across the world and the prospect of having a COVID-19 vaccine to deploy soon, let’s have a deeper look at this fascinating logistics industry, particularly pharmaceutical cold chain solutions.
The enormous size of the pharmaceutical business is staggering.
Pharmaceuticals are bought and sold globally on a substantial scale. As a result, it is an extremely significant global business. It was worth more than $1.25 trillion in 2019, and this number is anticipated to rise to more than $1.6 trillion by 2024 as the world’s population grows older and new medicines are developed to cure uncommon and
The lion’s share of this worldwide revenue is generated in North America and Europe. Asia, on the other hand, is quickly catching up. India and China are significant not only as a source of raw materials but also as a source of Active Pharmaceutical Ingredients (APIs).
The importance of cold chain logistics to the pharmaceutical industry
Pharmaceutical firms are concerned with temperature excursions since many of their goods need to be kept at specific temperatures in order for them to be effective and retain other qualities. In terms of value, cold chain logistics accounted for more than 26% of the pharmaceutical sector in 2019. That proportion is projected to rise. First, there has been a surge in demand for biopharmaceuticals, which are particularly temperature-sensitive. Second, as the industry expands in Asia, where many countries have humid climates, the need to transport medicines under controlled temperature conditions is likely to increase. Many countries globally are implementing standards that set out to improve the monitoring and tracking of pharmaceuticals, including Vaccine Tracking.
The role of cold chain logistics is therefore crucial to ensuring that medicines maintain their quality and efficacy during transportation and storage. Cold chain logistics companies provide a range of services, including temperature-controlled storage, transportation, and packaging. They also offer advice on how to store and transport medicines safely and efficiently.
What challenges does the pharmaceutical cold chain face?
“There are several challenges when it comes to managing the cold chain for pharmaceutical products,” says Mark Murray, CEO of Cold Chain Technologies, a temperature-controlled packaging solutions provider. “Many pharmaceuticals need to be kept at very cold temperatures, sometimes as low as -80 degrees Celsius. Maintaining these low temperatures during the transportation is a challenge, particularly when shipments are going long distances by air or road.”
Cold chain logistics is a critical part of the pharmaceutical industry, and it’s becoming increasingly important as the industry expands in the US and Asia as new medicines are developed. The challenges of maintaining cold temperatures during transportation can be daunting, but with the help of a good cold chain management company, it’s possible to keep your products safe and effective.