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Pharmachain AI tells you which Pharmacy has a medicine in real time & predicts medication shortages before they occur.
The global pharmaceutical market is currently valued at approximately $1.65 trillion and is projected to reach $2.35 trillion by 2030.
The United States represents a significant portion of this market, with over 41,000 pharmacies serving a whopping 340 million people.
It is worse in emerging markets in Africa, where you have 4,500 pharmacies serving over 200 million people.
Despite the massive growth and volume of the market, distribution is poor, and medications are located far from those who need them, causing pharmacies billions in losses due to expiry, while creating artificial scarcity.
The FDA lists hundreds of essential medicines that are in shortage, but at the same time, those drugs are lying somewhere in another pharmacy about to expire.
Patients and the public are at the receiving end of this, just as we saw during the lockdown and COVID-19.
Where people died not from COVID but from underlying illnesses that were not properly managed due to the difficulty in locating their meds.
However, drug shortages are happening, and patients are at the receiving end of it.
Supply chain and med-tech expert Dr. Jay Bhaumik highlighted:
“Whether it’s a patient’s cancer treatment or critical care medication, the unpredictable availability of life-saving drugs has challenged healthcare providers around the world. The global drug shortage crisis continues to impact healthcare systems worldwide.”
