The Friday Report: September 13th, 2018Quick wrap up of a few hot topic newsworthy stories in the supply chain logistics industry
Hospital Health Care Consortium Launches Its Own Drug CompanySick of shortages of critical medications and increased costs on longstanding drug products, a group of American hospitals has launched a not-for-profit pharmaceutical company, Civica RX to gain some control over the supply of prescription drugs. Three philanthropic organizations paired up with seven large health systems to back the new venture. Civica Rx will initially focus on pricing transparency as well as stabilizing supplies for 14 medications used in hospitals. Because it is a not-for-profit entity, Civica Rx will not face pressure from investors or stockholders to issue dividends or push up stock prices.
Artificial Intelligence Smartens up Warehouse Operations, Reducing CostToday’s supply chain moves at an incredible pace, faster than the speed at which humans can operate without the use of technology. Using artificial intelligence in supply chain operations can enable companies to automate processes, streamlining operations for greater efficiency. One way of using artificial intelligence involves helping with equipment maintenance.
Reverse High Costs of Returns Using BlockchainBlockchain strikes again-this time the interest is for use in reverse logistics. The transportation and logistics industry is in the midst of a digital transformation. Across the entire logistics supply chain, there has been a growing need for real time data which could be used with innovative technologies such as predictive analytics, machine learning and artificial intelligence to improve freight efficiency and produce other benefits. The coordination of logistics today is highly complex, especially considering the gaps in communications, different transportation logistics entities which do not use sophisticated technologies and need for speed.
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