Biopharmaceutical third party logistics refers to transportation of medicines from place to another using advanced vehicles. These vehicles are specially designed to automate temperature management and to reduce possibilities of human errors during transportation. Pharmaceutical products are temperature sensitive and require continuous monitoring through tracking devices. Thereby, pharmaceutical companies are using all sort of technologically advanced devices to form effective distribution network.
Rising demand for effective logistics system to safely transport temperature sensitive medicines is anticipated to propel biopharmaceutical 3PL market growth. Advent of wide range of biologics and biosimilar which require temperature controlled logistic service for distribution is expected to impel biopharmaceutical third party logistics market growth. Growing adoption of automation in manufacturing facilities to reduce operational costs is driving demand for third party logistic services. In addition, rising demand for biologics owing to growing prevalence of chronic diseases is contributing well to biopharmaceutical third party logistics (3PL) industry growth. Moreover, growing environmental concerns among pharmaceutical companies to reduce carbon footprint will drive the market over the forecast period.
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To cater to rising demand for advanced logistic services in biopharmaceutical industry, companies are investing in R&D to develop effective value added services. For instance, in 2018, DHL installed near field communication (NFC) based internet of things (IoT) devices in vehicles to record information using mobile applications. Smart sensor technology measures environmental conditions inside the vehicle and upload this information on mobile application called LifeTrack. Implementation of such technologically advanced devices is supporting DHL in improving their distribution network.
Supply Chain Insights
Based on supply chain, the biopharmaceutical third party logistics market can be bifurcated into non-cold chain and cold chain. Cold chain segment is expected to grow fast over the forecast period owing to rising demand for novel drugs and biologics across the globe. Biologics are temperature sensitive and require additional care during transportation. Logistic service providers use temperature data loggers to measure temperature reading for the product being shipped. These technologically advanced data loggers are capable of measuring humidity, vibration, shock, and temperature. In addition, service providers also use radio frequency identification (RFID) and software to gather information.
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