Lessons Learned – COVID Supply Chain Impact Pharma, med device, and medical supplies

The COVID crisis revealed the vulnerabilities and risks in our global supply system for pharmaceuticals, medical devices, and all medical supplies. The lessons learned and the outlook going forward for these important sectors of our society and economy were the focus of a global event I moderated last week.

You can view the event video HERE.

Lean manufacturing, just in time inventory, and movement of manufacturing to low labor cost countries have lowered costs. But we have also learned that unrelenting pressure to reduce costs has made our global economic system vulnerable at times of crisis, trade wars, and demands by government leaders for control of essential products. The insights apply more broadly to the supply system for most things we depend on in our lives every day.

We had CEOs from the US and China on the panel and Prof. Shih, the supply chain guru from HBS. The Zoom audience included worldwide co-sponsor organizations of HBS and Wharton alumni and the US China Healthcare Summit. The Harvard Business School Assoc. of Boston in collaboration with the New England Healthcare Executive Network hosted the event.

I was pleased to moderate the event. I know you will gain new insights on the continuing tension between lower costs and supply security from these leaders.

Snow on the Dock
Lobsterman in New England have traps to tend even when it snows. The supply chain for lobsters starts with the lobsterman baiting the traps and leaving the dock to pull the traps while most of us are warm at home.