ENTERPRISE SPONSOR: EXCIPIENTS
SPI Pharma, one of That's Nice's Road to 2021 sponsors, discusses how the company is evolving its partnership models or geographic footprint to meet the future of healthcare.
The COVID-19 pandemic provided SPI Pharma, and most companies, the first real test of business continuity plans. There are many examples highlighting successes transitioning business processes from a traditional office setting to those enabled by employees working from home. We believe that this will prove to be a disruption that will change the way we work.
That disruption will also be felt in how we engage with our overall market and supply chain. The pandemic has proven the importance of emphasizing agility within the supply chain. This requires improved visibility to risks throughout the chain, reaching back to at least one’s supplier’s suppliers.
SPI Pharma continues to prioritize the qualification and validation of alternative sources — a strategic objective that was invaluable during the last 6 months to enable us to face what started as a supply chain risk from China and grew into a global pandemic, impacting the entire supply chain.
We will also review required materials and begin to focus efforts on finding alternative sources of maintenance, repair, and operations (MRO) supplies. Recently, we began an activity review of our business and supply chain processes. This is critical to drive out waste in our supply chain processes and to allow us to become a more agile pharmaceutical ingredients supplier. We are proud of our efforts, which helped secure critical ingredients for the pharmaceutical industry during the pandemic. Our customers could rely on us, and we delivered. Now we need to build upon these efforts and strengthen our supply chain further.