There are plenty of markets and industries that exist in the United States that the average American knows very little about in terms of understanding how the market works. Furthermore, these people most likely know very little about how these markets have an effect on other markets and even the overall economy as well. What is truly amazing though, is the fact that so many of these markets are actually very important to the day-to-day lives of many Americans in this country.
Right now, the less-than-truckload market is believed to be at about $35 billion. The less-than-truckload, or LTL for short, involves the shipments of products and equipment which includes some of the pharmaceutical logistics that exist in shipping medicine across the nation. Here are all of the facts on pharmaceutical logistics and how they matter with shipping products.
Across the nation, data has been collected in regards to the transportation industry and the logistics that come along with shipping goods across the country. This data has revealed that the transportation industry managed to total nearly $1.5 trillion in the year of 2015. Furthermore, this $1.5 trillion has also managed to represent 8% of all annual gross domestic product.
So much of understanding and determining pharmaceutical logistics involve shipping medicine and pharmaceutical products. While most people would not think that determining how to best ship medicine is not an important part of pharmaceutical logistics, it really is. Without figuring out the proper forms of transportation the important medicine could not be delivered well.
In the United States, the freight transportation system will move plenty of valuable commodities but there are three products in particular that are shipped more often than others. These commodities include machinery, motorized vehicles, and even electronics. Understand that also there are 6 million commercial truck drivers working in the United States right now according to information released by the Federal Motor Carrier Safety Administration.
Pharma logistics solutions deal directly with pharmaceuticals transportation and specialty freight services. Across the nation, there are over 12 million trucks, locomotives, rail cars, and vessels that move goods all across the transportation network in the United States. These vehicles are such an important part of determining and mapping out pharmaceutical logistics.
There was almost 15 billion tons of cargo transported in the year of 2013 by trucking transports. By the year 2040, projections and estimates from the Bureau of Labor Statistics have revealed that the number of cargo transported by trucking transports will reach 19 billion tons. So there is no question that there will be an increase in the amount of equipment transported by trucks.
According to Satish Jindel, president of SJ Consulting Group, length of haul has declined. Public truckload carriers report that the average length of haul has decreased 4% between 2011 and 2016. According to the U.S. Department of Transportation, the value of freight moved is expected to increase from $882 per ton in 2007 to $1,377 per ton in 2040.
There is no doubt that a large part of working with pharmaceutical logistics involves the way that this medicine and equipment are transported amongst main roads across the nation. This can be said about any business in terms of their logistics and a lot of these decisions are made by people who deal just with understanding the way they transport materials. That is right. There are people who spend all of their time at work determining the best modes of transporting material and equipment so that damage is minimized in terms of the products being shipped.
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