The life sciences industry has always had a long list of factors that determine success. First, whether your business is biotechnology, pharmaceuticals, medical device manufacturing or other life sciences, you have to focus on innovative R&D that is the heart of the industry. But the ability to develop and introduce new products is just the price of entry in the life sciences industry. Successful companies must also manage regulatory compliance that governs every area of operations, ensure product quality that can be the difference between life and death, and build effective sales and marketing systems.
Effective supply chain management is another critical factor for success in the life sciences industry. Today’s industry leaders are the companies that manage complex global supply chains with suppliers that deliver dependable support through the ups and downs of every business cycle.
While the ability to deliver consistent, high-quality resources and materials is the first objective for the life sciences supply chain, today’s industry leaders are demanding more from their suppliers—they’re demanding sustainability.
Supplier sustainability is a broad topic, but it generally refers to the environmental, social, and economic impact of a company’s suppliers. Evaluating supplier sustainability may consider a range of factors that cover everything from suppliers’ employment practices and workforce diversity to natural resource usage, energy usage, and waste management practices.
If you’re running a business, reputation might be your number one reason to focus on supplier sustainability. Today’s life sciences businesses are held to increasingly high standards, especially concerning environmental and workplace practices. But all the internal work you’ve done to establish and maintain a strong reputation can be undone instantly by a supplier with substandard practices.
Initially, you may focus on supplier sustainability out of concerns for your reputation, but the benefits can go much further. For instance, if your business relies on a steady supply of raw materials, working with suppliers who use sustainable production methods can reduce the risk of supply chain disruption. And, since sustainable suppliers often employ more efficient and environmentally friendly practices, you may realize some long-term cost savings.
For maximum impact, your focus on sustainable suppliers should extend beyond raw materials to include business partners and technology suppliers who are committed to sustainable practices.
As a women- and minority-owned business that qualifies as a diverse supplier, Vantage ID is committed to helping customers build a network of sustainable suppliers. On the technology side, we’ve found that Zebra Technologies offers the strong focus on sustainability needed to support the life sciences industry.
Zebra’s commitment to the environment starts with rugged products that deliver much longer service than throwaway consumer devices. For example, Zebra rugged tablets are engineered to survive drops, tumbles, spills, and other mishaps to keep them in service much longer than other tablets. That step alone reduces the use of natural resources and minimizes products going into landfills.
Zebra is similarly committed to a sustainable workplace, focusing on their own inclusion, diversity, and business practices and those of their suppliers.
If you’re interested in learning more about building a sustainable supply chain, contact Vantage ID.