07 Sep Three CMO Takeaways From Third Serialization Roundtable
The Verify Brand team traveled to Chicago last week for an event co-organized by Optel Vision and Supply Chain Wizard: the Third Serialization Roundtable for CMOs. We had a chance to meet with industry leaders and assess the state of serialization solutions and CMO adoption. The bottom line? CMOs have a long way to go to meet pharma expectations. And with only 15 months left to meet regulatory compliance deadlines, time is running out.
Business Value Through Data
Big data is all the rage, but so many organizations are still overlooking the benefit of data insights and data integrity when it comes to serialization. This goes beyond the compliance requirement and creates an opportunity for CMOs to show their business value.
Serialization solutions can’t be a one-trick compliance pony. CMOs need to choose a serialization solution that provides pharma manufacturers with more, and more accurate, data to increase visibility into critical interactions across partner networks. As competition continues to drive pharma companies to evaluate new data-driven strategies, they are discovering that the sharing of critical data can provide huge business value, driving overall growth and competitive advantage.
The takeaway: Data matters, and manufacturers expect CMOs to choose the right serialization partner who can provide benefits beyond basic compliance.
Convey Quality and Capacity
In addition to providing more relevant data to pharma manufacturers, CMOs need to integrate technology for greater quality and capacity metrics. Using precise track and trace data, pharma customers can gain greater visibility into the production line and understand the actions and triggers that contribute to or impact overall capacity.
The takeaway: Capacity and production insights help pharma manufacturers identify and address potential production issues. CMOs need to have the ability to integrate the necessary data points and provide visibility into production level data.
Leap Forward, Don’t Just Catch Up
Pharma manufacturers are looking for CMOs that have gone beyond compliance and have leap-frogged the pack to provide data, insights, business value and a high level of service. If they don’t see these qualities in a CMO, they are willing to switch.
Unfortunately, CMOs still have a long way to go. A Supply Chain Wizard report shared at the event noted that more than 65 percent of CMOs still don’t have sufficient resources for serialization that goes beyond compliance.
Other factors are also driving instability in the market. Pharma manufacturers are demanding a high level of customer service and an advanced knowledge of serialization strategies as well as track and trace. It’s not enough to have the tools in place; pharma manufacturers are looking to CMOs to know how to apply data to business improvements. On top of this, customers want CMOs to support pharma’s increased need for speed and flexibility.
The takeaway: Today’s rapidly changing regulation environment is placing pressure on CMOs to develop new tactics to cultivate and retain customers. It’s no longer acceptable to catch up – now you need to be one step ahead of the pack.
November 2017 will be here before you know it. We can help you meet this important deadline while also driving growth, gaining visibility into production lines, and attracting and retaining customers. Let us show you how.