PAXAFE collaborates with Carrier, a global provider of intelligent climate and energy solutions. This collaboration will deliver more connected and sustainable cold chain. This also combines PAXAFE’s artificial intelligence (AI) skills in risk and prediction modeling and Carrier’s management in cold chain monitoring and intelligence to address challenges in industry.
The pharmaceutical supply chain has faced persistent challenges related to product losses and process inefficiencies due to strict temperature control requirements. Additionally, it has been plagued by temperature-related losses and downstream inefficiencies, all of which have stemmed from issues in product quality management process.
The pharmaceutical industry estimates $35 billion (€32.60 billion) of product loss each year due to compromised product integrity caused by temperature anomalies in the supply chain. As part of the solution to manage and address these inefficiencies, there is a growing trend toward the adoption of real-time visibility platforms.
IoT devices and data aggregation platforms provide product location and condition details in near real-time. However, the challenge lies in converting this data into actionable insights. Contextualising this data requires substantial investment from pharmaceutical companies and service providers alike.
“Through this collaboration with PAXAFE, Carrier is adding capabilities to our powerful Lynx platform to provide our customers greater visibility and intelligence, and enable proactive decision-making across their cold chain operations,” says Alice DeBiasio, vice president and general manager, truck trailer Americas and digital solutions, Carrier. “The collaboration will offer supply chain leaders and logistics managers risk management insights to unlock greater control and resiliency within their distribution networks that will help enable them to better predict, prevent and resolve risks before they occur.”
Ilya Preston, CEO of PAXAFE, says, “Digitisation within the healthcare supply chain is accelerating rapidly, and we believe this relationship contains synergies that will benefit the pharmaceutical industry at large. We are optimistic that our continued collaboration with Carrier will further enable pharmaceutical companies to focus on delivering quality drugs on-time to their patients.”
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