EMERGING TRENDS OF 3PLs USED BY THE PHARMA INDUSTRY FOR TRANSPORTATION

Abstract

Purpose: The main focus and purpose of this study is to probe into the explanation and understanding of the trends, types and roles of Third party logistics in creating value for customers, providing assistance and a competitive edge to the firm. Methodology/Sample: The research conducted was quantitative in nature with an exploratory approach taken to understand the dynamics of the market in terms of third party logistics. Numerical data has been collected for the purpose of statistical analysis. Questionnaire survey technique was used especially close-ended questionnaire designed specifically to collect the quantitative data from the respondents. The sample size constituted of 120 respondents. Findings: The findings illustrate that third party logistics are a vital part of the supply chain. Outbound logistics not only create value but also cut the costs of the company in terms of transportation and supply cost. The trend of 3PL is constantly increasing especially in pharmaceutical industry. The design and implementation of 3 PL models is improving substantially creating better opportunities for differentiation and growth of pharmaceutical firms. Practical Implementations: The research would benefit every industry that is using or plans to use 3PL model for diversifying their operations and distribution networks around the globe. Furthermore, this research would prove to be valuable for pharmaceutical companies and their management for designing efficient and effective models to carry out their functions.