In the face of evolving challenges and a rising need for supply chain security, the pharmaceutical industry must equip itself with the necessary tools to safeguard its brand and optimize operational intelligence. Due to the involvement of several intermediaries, the manufacturing process of pharmaceutical products is vulnerable to counterfeiting and drug diversions, resulting in a massive annual loss of around $40 billion for the industry as estimated by the WHO. Factors such as drug shortages, cost-cutting pressures, demand for generics, and increased online buying are also contributing to the rise of counterfeit drugs, which pose serious health risks and impact the brand image of pharmaceutical companies.
To address this complex problem, an effective solution is required that ensures transparency at every stage of the supply chain. The implementation of an efficient track-and-trace system can assist pharmaceutical companies in managing their supply chain and mitigating the risks associated with counterfeit drugs.
Serialization is a crucial aspect of tracking and involves assigning a unique identity to each drug before its sale, dispensing, return, or recall. However, serialization is just the starting point for pharmaceutical track and trace, and aggregation is the logical next step toward improving supply chain security and traceability. Companies that opt for aggregation today are gaining a competitive edge in terms of efficiency, security, and traceability. Different countries follow distinct serialization methods to keep track of their products.
What tracesci’s Track & Trace solution can do for your business.
Brand Protection, Traceability, Real-time alerts, and Global Compliance
The concept of track and trace applies across various industries and is not limited to the pharmaceutical sector. The primary purpose of this system is to keep a tab on the complete journey of goods, starting from their origin, which is generally the manufacturing facility, to their final destination. To understand more about our solution.
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