Moving Your Business Forward
Two years later, the COVID-19 pandemic is proving to be not just a short-term crisis. With production being stalled during the pandemic, a record number of available jobs still sitting unfilled, and the need to change internal and external rules to support COVID-19 guidelines has created a domino effect which is halting U.S. production in many corners. As a result, businesses in a post-COVID world have been forced to reexamine how people work and how supply chain’s function. To better manage future challenges, it is necessary for businesses to build long-term resilience in their value chains.
According to a recent article from World Economic Forum, many chief executives now identify supply chain turmoil as the greatest threat to their companies’ growth. The unprecedented supply chain disruption caused by COVID-19 has had severe operational and financial consequences, with business leaders having to address issues including:
- Demand drops and surges by segment
- Supply shortages
- Inventory placement challenges
- Reduced productivity
Companies need to reimagine and manage their supply chain differently to ensure continuity and growth. Before COVID, cost reduction and productivity drove supply chain process improvements. Now while companies struggle to meet customer expectations, there is a shift in focus on the importance of business continuity, resiliency, and flexibility to ensure they are serving their customers, clients, and communities, as well as protecting and supporting their workers.
Pharmacy Packaging Industry Impact
The impact of COVID-19 on the pharmaceutical packaging industry has been a roller coaster ride for both drug developers and pharmacies alike. For drug developers, being ready to develop and mass produce drugs for a pandemic situation is an essential part of their risk management strategy. But what about the packaging suppliers? How do you manufacture enough drug labels and paper packaging supplies for pharmacies to then vaccinate and provide medicine to the population? Supply chain disruptions and growing health and safety concerns have resulted in unprecedented obstacles for pharmaceutical packaging businesses.
Raw materials for packaging components are sourced from all over the globe and procuring these products has proven to be disrupted as there has been ongoing country-wide shutdowns and shipping and travel restrictions have been in effect. To mitigate these risks and ensure there is no disruption in their business, it is pertinent for pharmacies to stay on top of their packaging supply needs.
A recent GlobalVision blog post highlights the four ways the COVID-19 pandemic has made an impact on the pharmaceutical packaging industry:
- Increase in Demand: The demand for pharmaceuticals has skyrocketed throughout the global pandemic, resulting in a greater need for pharmaceutical packaging.
- Distributions of Vaccines: COVID-19 vaccination efforts put a strain on pharmaceutical packaging firms to quickly supply the packaging required to facilitate an accelerated time to market.
- Supply Shortages: The pandemic has created unprecedented supply chain roadblocks. National lockdowns and border closures have slowed and even halted the flow of materials required for manufacturing.
- Changing Package Design: Pharmaceutical packaging firms now focus on package materials and tamper-proof packaging to promote health and safety throughout the remainder of the pandemic and beyond.
Partner with Samuels Products for Your Pharmacy Packaging Supplies
Since 1903, Samuels Products is your single-source supplier for all your pharmacy packaging needs. With quick turnaround and delivery, even on custom printed labels and bags, we help maintain your business’ success and continuity. Samuels’ customer service representatives can work with you to develop the best plan for your pharmacy packaging materials to ensure you are placing your orders early, before you run out, so you are prepared for all your customer’s needs.