PRESS RELEASE: The pharmaceutical industry has long been coping with the issue of counterfeit or spurious drugs, and the challenges have only been exacerbated by the disruptions caused by the Covid-19 pandemic. According to a recent report published by CRISIL-ASPA on the State of Counterfeiting in India 2022, industry insiders estimate that 0.1-3% of medicines manufactured and sold in India are counterfeit, while distributors and authentication solution providers believe the number could be as high as 10-20% of the overall pharmaceutical market.
TRACESCI, a participant in the upcoming PharmaTech exhibition in Chandigarh from April 11-13, 2023, aims to create awareness in the market that intervention is necessary. The circulation of counterfeit drugs is detrimental to the growth of the pharma industry, and adopting anti-counterfeiting measures at the manufacturing location is crucial. TRACESCI advocates for the adoption of blockchain-based track and trace solutions that can provide manufacturers with 360-degree visibility and control over their supply chains.
“With TRACESCI, a brand can obtain an effective product authentication solution that includes tracking legitimate products throughout the supply chain, a consumer engagement app, and an efficient reporting system, all under one unique SAAS-based track and trace platform,” said Priyanka Rathi, DGM Marketing & Communication at JETSCI® Global & TRACESCI Global.
Kunal Kothari, Product Manager at TRACESCI Global, added, “As a global specialist in product authentication and traceability, we are successfully fortifying governments and brands alike through our intuitive, innovative blockchain-based supply chain manufacturer interface. With TRACESCI, traceability is just a tap away.”
To learn more and participate in free demo sessions, visit the TRACESCI Global booth at PharmaTech & LabTech Expo in Chandigarh from April 11-13, 2023, booth number B-39, Hall no. 2.
About TRACESCI Global
TRACESCI specializes in providing global product authentication and traceability solutions that are designed to combat illicit trade and counterfeiting. Their SaaS platform is powered by blockchain and supports both brands and governments equally. They collaborate with all stakeholders to create cost-effective product authentication and traceability solutions that are suitable for a wide range of industries, including pharmaceuticals, food, automobiles, clothing, tobacco, and more. Their comprehensive solution serves as a one-stop-shop to combat illicit trade, protect revenues, and safeguard citizens. TRACESCI Global is part of the parent company Monotech® Systems Ltd.
For any further inquiries and questions, feel free to contact +91-9999585324