Technology and supply chain systems go hand in hand

December 13, 2022 11:58 am

The country has created a brand name in pharma, just as it created a brand name in the IT sector through innovative technology.

Most MSMEs are always in need of funds. While discussing MSME, firstly, it is essential to ascertain what they require, what type of technology they require, and which technology is available, and secondly, they can afford it!

We have always been deliberating with the RBI about how they are funding the need of the hour for the MSME sector, but it is still being discussed in so many committees going forward. However, they have to go for more research and development. Again, when technology enters the picture or clients want to tie up their joint ventures, the financial system is always one aspect that deters MSMEs from moving forward. And in digitisation or technology, you need extra money for your project and products or raw materials.

Everything has to line up, whether raw materials, manufacturing products, technology, or innovation. If everything goes as planned, you will be in the market and that product king. Many pharma companies have done very well and are doing well. They have done well because technology is the order of the day, and technology has helped them. One of those companies, Sanofi’s stock price two and a half years was about rupees four or 500, and today it is Rs. 5000. So, you can see how the technology supply chain system and product line fall into place and helped all the way.

The technology and the Supply Chain system are critical; it must compensate for the product line, raw materials, and marketing strategy. And when all three come together, it is said to be well done. We have created a brand name in pharma, just as we have created a brand name in the IT sector through innovative technology. And they both go hand in hand. And nowadays, markets need to improve technology, quality, and product line. It’s like an ongoing process.

Technology is constantly changing, and things are also changing in the pharma sector. People were surprised to find out what Covid was and what medications were required when it arrived. Similarly, in the supply chain system technology, no one knows what technology will be required for implementation, for what products, and what suits the best for one venture. In the present situation, it is prudent to adapt to the current situation and move faster.

We are in the best of markets where all intellectual people or the companies who are prompt and efficient to embrace the ongoing opportunities go along with the system and know the job well. Consequently, technology is a continuing process for both innovation and technology. So, be on the lookout for any technology coming to the fore which is worth implementing. It is meaningful to constantly develop a supply chain system, develop technology and be innovative.