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Pharma Venture’s approach in tackling supply-chain, logistic, and distribution challenges in the MENA region was recognized at the CPhI Pharma Awards.
The CPhI Pharma Awards Supply Chain, Logistic, and Distribution category was won by Pharma Venture for its approach in tackling supply-chain challenges in the Middle East and North Africa (MENA) region. The MENA region is not an easy market to penetrate and operate smoothly from a business perspective, because of the major differences in the local regulations, registration process, and customs.
Pharma Venture has developed a process for managing the supply chains in individual markets. Not only does the approach operate through local free-zone warehouses but it also takes into account central registration of the products whenever possible. Packing is performed locally by the manufacturing companies in the region to overcome the hassles of registration and supply to the local market. Local manufacturing is carried out under a license to supply the whole region or outside the region from an exporting hub.
According to Pharma Venture, this approach has saved at least 30%–35% of shipping costs for its global suppliers. The process efficacy also shortens lead times from two or three months to less than two weeks. The fast track priority obtained from healthcare authorities in terms of registrations and regulations provides an advantage.