More than three quarters of healthcare executives believe an effective supply chain will be “extremely important” in aiding their ability to compete over the next decade, according to a survey.
The poll, commissioned by FedEx and carried out by Frost & Sullivan, also found a successful supply chain was “extremely important” to almost nine in 10 respondents for meeting profitability targets over the next three years.
More than eight in 10 attached the same level of importance to the supply chain for meeting top line revenue targets. A successful supply chain was also cited by 78 per cent of respondents as “extremely important” to ensure customer loyalty and maintain regulatory compliance.
“While traditionally supply chain innovation has been targeted at improving a company’s internal operations and profits, the most savvy healthcare products companies recognise its greatest potential is in its ability to support top-line growth, market expansion and customer relationships,” said the report.
The survey, of 39 healthcare products and services executives from a range of global firms, found 61 per cent of respondents considered supply chain cost reduction strategies to be “extremely important” in responding to pricing pressure from customers.
“The importance of the supply chain in the competitive strategy of healthcare products companies is clear, and many companies in the field have committed to innovation in order to address the challenges described,” said the report. “But the modern supply chain is too complex for any one company to face on its own. Companies need to build a trusted network of experienced and reliable vendors.”