In a groundbreaking study commissioned by DP World and led by Economist Impact, it has been revealed that 46% of companies within the healthcare sector are actively utilizing Artificial Intelligence (AI) to identify and mitigate potential disruptions in their supply chains. The findings underscore the industry’s commitment to adaptability and resilience amid the challenges posed by geopolitical events, climate change, and technological advancements.
Trade in Transition Study: Navigating Unprecedented Transformation
The Trade in Transition study captures insights from trade experts and senior executives across various regions and sectors, shedding light on the perspectives of businesses grappling with complex challenges in an era of unprecedented transformation. Heightened geopolitical risks, urgent climate change concerns, and significant technological advancements are driving businesses to seek innovative solutions for increased efficiency and visibility across supply chains.
Healthcare Industry Adopts Friendshoring Amid Geopolitical Uncertainties
In response to geopolitical uncertainties, the healthcare industry is actively adopting strategies like friendshoring to shape trade and supply chain operations. Notably, 39% of healthcare executives are proactively rebuilding their supply chains, while 23% are streamlining their supplier networks, reducing the number of tiers within their critical supply chains. These approaches underscore the industry’s resilience and adaptability in navigating global dynamics.
Optimism Fueled by New Technologies
The study reveals that over a third of companies express optimism about the future of global trade, citing new technologies as a driving force for increased efficiency and visibility within supply chains. In the healthcare sector, 44% of companies leverage AI to optimize customer experience, and 35% use AI for demand forecasting. The integration of AI has not only contributed to reducing trade operation costs (34%) but has also enhanced resource and supply chain planning, minimizing disruptions for 32% of healthcare companies.
Concerns and Challenges in the Healthcare Supply Chain
Despite the optimism, prevalent concerns within the healthcare sector include worries about increased inflation and economic uncertainty leading to higher input costs (30%). Government sanctions on key trade partners are noted by 35% of companies as hindering their supply chain strategies, emphasizing the need for a comprehensive and adaptive approach to global trade within the healthcare industry.
