Pharmaceutical Traceability: Introduction
- In November 2013, Congress enacted The Drug Supply Chain Security Act (DSCSA), which has set off a list of changes for companies all along the pharmaceutical supply chain
- According to GS1, a global not-for-profit organization that develops standards for barcoding, and identification, traceability (in healthcare) is defined as a process that enables the user to view the movement of medical devices or prescription drugs across the supply chain. It helps trace the history of the locations and transfers of a product, from the point of manufacture onwards.
- A strong trace and track system across supply chain can help address the threat of drug counterfeits. This process requires implementation of global traceability standards by biopharmaceutical or pharmaceutical companies, at different product packaging levels.
- The three underpinnings of pharmaceutical traceability include serialization, track and trace, and verification
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Key Drivers of Global Pharmaceutical Traceability Market
- Rise in concerns about pharmaceutical drug theft and counterfeit is a major factor driving the demand for pharmaceutical traceability. Counterfeit drugs are mislabeled for illegal diversion and to mislead consumers. These mislabeled drugs are being sold in various countries illegally.
- Pharmaceutical theft is also a major issue faced by the pharmaceutical industry, and theft can happen at any stage in the pharmaceutical drug supply chain. These factors are expected to drive the global pharmaceutical traceability market during the forecast period.
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Barcode Segment to Dominate Global Pharmaceutical Traceability Market
- In terms of product type, the global pharmaceutical traceability market can be classified into barcode, radio frequency identification (RFID), GPS, and others
- The barcode segment is expected to dominate the global o pharmaceutical traceability market during the forecast period
- Advantages of barcodes such as consistent accuracy, ease of use due to lightweight, wide acceptability, and low cost as compared to RFID tags are expected to drive the segment during the forecast period. Additionally, government organizations of few countries have started several initiatives that boost the usage of barcodes in the pharmaceutical industry.
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Asia Pacific to Offer Significant Opportunities
- In terms of region, the global pharmaceutical traceability market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to offer the significant opportunities to the global pharmaceutical traceability market during the forecast period.
- Rapid technological advances in drug development, increase in incidence of various chronic diseases and lifestyle diseases, increase in demand for outsourcing of activities related to drug manufacturing, rise in the number of pharmaceutical companies, and the presence of global vendors are expected to drive the pharmaceutical traceability market in the region during the forecast period
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Key Players Operating in Global Pharmaceutical Traceability Market
The global pharmaceutical traceability market is fragmented owing to the presence of international as well as local players offering differentiated services and products.
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