Dublin, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The "Pharmaceutical Traceability Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Global Pharmaceutical Traceability Market is anticipated to project impressive growth rate to 2028
The Global Pharmaceutical Traceability Market refers to the industry dedicated to ensuring the transparency, authenticity, and security of pharmaceutical products throughout the supply chain. This market has been gaining prominence due to the increasing concerns about counterfeit drugs, regulatory compliance, and the need to improve patient safety.
Traceability solutions are becoming increasingly important in the pharmaceutical industry, not only for compliance but also for safeguarding patient safety and brand reputation. It's clear that the pharmaceutical industry is undergoing significant changes and challenges, which are driving the adoption of traceability solutions.
North America is expected to dominate the pharmaceutical traceability market due to its strong pharmaceutical industry, stringent regulations, technological infrastructure, and focus on patient safety.
Market Dynamics
Rising Regulatory Compliance Demands:
- The pharmaceutical industry faces increasingly stringent regulatory requirements from agencies like the FDA and EMA, particularly related to traceability.
- Serialization mandates are driving the adoption of traceability solutions to assign unique identifiers to drug units, ensuring visibility and accountability throughout the supply chain.
- Technologies such as serialization, barcoding, RFID, and blockchain are used to comply with regulations and harmonize standards on a global scale.
- Non-compliance with regulations can lead to penalties, product recalls, damage to reputation, and legal consequences, making traceability solutions essential for mitigating these risks.
Combatting Counterfeit Drugs:
- Counterfeit drugs pose a significant threat to public health, with up to 10% of drugs globally estimated to be counterfeit.
- Traceability solutions, including serialization, barcoding, RFID, and blockchain, enable authentication and verification of products, helping consumers and healthcare professionals ensure medication authenticity.
- Tamper-evident packaging is integrated into traceability solutions to provide an additional layer of security.
- Traceability solutions protect brand integrity by proving the authenticity of products and enabling swift action against counterfeiters.
Supply Chain Optimization:
- Pharmaceutical supply chains are complex, involving multiple stakeholders, and traceability solutions improve visibility and transparency.
- Real-time tracking, inventory management, and risk mitigation are key benefits of supply chain optimization through traceability solutions.
- Monitoring temperature and humidity conditions during storage and transportation ensures medication safety and quality.
- Traceability solutions reduce response times in case of recalls or safety concerns, safeguarding both compliance and brand reputation.
Consumer Confidence and Brand Reputation:
- Consumer trust is critical in the pharmaceutical industry, and counterfeit drugs erode this trust.
- Traceability solutions empower consumers to verify medication authenticity, fostering confidence in pharmaceutical brands.
- Mobile applications that allow consumers to scan QR codes or enter unique identifiers provide real-time information, enhancing transparency.
- Protecting brand reputation is vital, and traceability solutions help companies prove the authenticity of their products.
Challenges:
- High implementation costs can be a barrier, particularly for smaller pharmaceutical companies.
- Interoperability between different stakeholders in the supply chain can be challenging.
- Data privacy and security are critical considerations due to the sensitive nature of traceability data.
- Resistance to change from employees and stakeholders may hinder implementation.
Trends:
- Blockchain integration is expected to play a significant role in enhancing traceability.
- IoT sensors for real-time monitoring are gaining prominence.
- Mobile applications for consumer empowerment are on the rise.
- Regulatory evolution continues to drive the adoption of traceability solutions.
Market Dynamics
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Pharmaceutical Traceability Market.
- Optel Group
- The Healthcare Distribution Alliance (HDA)
- Bureau Veritas SA
- Logista Pharma SA
- Rfxcel Corp
- Movilitas Consulting AG
- TraceLink Inc
- Avery Dennison Corp
- Cognex Corp
Report Scope:
Pharmaceutical Traceability Market, By Type:
- Barcode
- GPS
- RFID
Pharmaceutical Traceability Market, By End-User:
- Hospitals
- Pharmacies
- Ambulatory Care Centers
Pharmaceutical Traceability Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
For more information about this report visit https://www.researchandmarkets.com/r/t4rp0h
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