AT A GLANCE
Worldwide, pharmaceutical companies are dealing with drug counterfeiting, adulterations, supply chain thefts, and packaging glitches. Serialization has become the need of the hour, and it is much more than just applying barcodes to personalized medicines.
This age of fast-paced digitization calls for modifications and improvements in the serialization techniques. To better strengthen the supply chain loopholes need to be identified and transparency to be maintained not just at the batch level, but for each strip or bottle of the drug.
Pharmaceutical companies and their supply chain vendors will need to make use of Advanced Analytics, Cloud, and Internet of Things (IoT) to get a grip on the modern-day serialization techniques.
Traceability being a mandate globally, and the laws changing across borders, major pharmaceutical companies are working towards improving the tracking and tracing process in the supply chain for better compliance. To that effect, pharmaceutical companies are developing and implementing serialization techniques. Supply chain security, counterfeiting drug theft, better product traceability, mitigation of drug contaminations, and overall cost-savings are different facets that are considered.
Reports suggest that by 2023, globally, more than 90% of drug supply will be scrutinized under track and trace regulations to enhance patient safety measures by combating drug counterfeiting.