AI in DemandForecasting
How a generic pharma manufacturer revolutionized their pharmaceutical supply chain with AI-driven demand forecasting, achieving 90%+ accuracy and significant cost savings.
Project Overview
The client is a leading provider of generic pharmaceuticals to the US Federal Government, with the primary focus on serving the Department of Defense (DOD) and Veteran Administration (VA) through its private label. It operates within a niche market serving as value-add intermediary between generic pharmaceuticals manufacturers, VA and DOD.
They offer a large portfolio of prescription products across a broad range of dosage forms. All their products are labelled in accordance with FDA guidelines for standardization and consistency.
The client partnered with Finarb Analytics for advanced AI-enabled demand forecasting, which provided better results compared to their existing model and enabled them to stay competitive in the generics market.
The Challenge
Accurate demand forecasting is the foundation for any supply chain and is extremely critical for the pharmaceutical industry, where seamless supply of the right medications in the right dosages is crucial for positive health outcomes. They wanted to leverage predictive insights in their existing forecast model to ensure a seamless supply chain and timely delivery of medications, while minimizing the risks associated with inventory management.
Their existing model had a lot of scope for improvement; hence they wanted a robust model that forecasts market demand and estimates current market share by product using forecasted market demand data and real-time transaction data from chargebacks so that eventually they can make more informed data-driven decisions.
Business Impact Delivered
Short- and medium-term business impact that the client was able to deliver:
Inventory Efficiency
Low risk of inventory wastage, minimize stockouts, and lower holding costs
Profit Growth
Achieve a measurable increase in gross profit due to better informed pricing decisions based on accurate demand forecasting
Competitive Edge
GSMS would gain competitive edge by responding swiftly to market changes, ensuring product availability and building a strong reputation for reliability
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