Over 10 years experience of Traceability Solutions
By Pharmatrax Author
Category: Technoloy
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The pharmaceutical industry is highly regulated, with many layers of compliance to prevent product tampering and, ultimately, save on costs. However, companies can only truly reap these rewards if they carefully select serialisation partners and solutions.
As the EU Intellectual Property Office reported in a previous study, fake medicines cost the EU pharma industry more than €10 billion in lost revenue and nearly 38,000 lost jobs every year. The EU FMD-mandated measures, which include a unique identifier code and tamper-evident packaging for pharma products, protect supply chains and help cut down on these losses.
While no definitive findings on the human toll of falsified drugs exist, they are believed to be responsible for 100,000 to 1,000,000 deaths every year, worldwide. Although compliance is undeniably important, it should not be the only factor driving pharma companies’ serialisation decisions and actions.
As more firms integrate Internet of Things technologies into their production and business processes, serialisation presents an opportunity to collect data to create smarter, more efficient supply chains.
Pharma manufacturers are realising that they can get a return on their compliance investment by capturing serialisation data and using it to attain valuable insights that enhance business operations. Because of this, companies and their partners should be mindful when evaluating and implementing serialisation software to boost visibility, productivity and business optimisation.
LEVERAGING DATA BEYOND COMPLIANCE WILL ALSO ASSIST WITH:
Pharmaceutical companies that embrace a beyond-compliance approach and leverage their data could benefit from the following
Source: https://www.optelgroup.com/en/blog/track-and-trace-the-benefits-beyond-compliance/