The pharmaceutical packaging market plays a crucial role in the production and distribution of medicines and pharmaceutical products that impact human life. Therefore, ensuring a secure, reliable, and efficient supply chain is of utmost importance. In today’s complex supply chain landscape, the implementation of a track and trace system in pharma packaging has become increasingly necessary.
According to a report by Grand View Research, Inc., the global pharmaceutical packaging market size is expected to reach USD 4.11 billion by 2025, driven by a CAGR of 17.4%. This growth is particularly relevant in India, where the pharmaceutical industry is experiencing rapid expansion.
A track and trace system in pharma packaging is a digital solution designed to provide end-to-end visibility of the supply chain for pharmaceutical products. It involves the use of unique identifiers, such as serial numbers or barcodes, to track the movement of products from manufacturers to end users. This system captures real-time data on product location, temperature, and other vital parameters, ensuring product authenticity and quality.
India’s pharmaceutical packaging products market has witnessed remarkable growth, positioning the country as the third-largest producer of pharmaceuticals worldwide. However, counterfeit products have become a prevalent issue within the Indian pharma market.
According to a report by FICCI, counterfeit products make up nearly 25% of the Indian pharmaceutical market, resulting in a revenue loss of $1.2 billion. Such counterfeit activities can have severe consequences, including the production and consumption of substandard drugs, leading to adverse health effects.
To address this challenge, it is imperative to implement a track and trace system in pharma packaging. This system incorporates technologies such as barcodes, RFID, and serialization to track product movement from manufacturers to end consumers. By doing so, it not only combats counterfeit activities but also ensures product authenticity and enhances supply chain management.
Benefits of Track and Trace System for Pharma Packaging Implementing a track and trace system in pharmaceutical packaging offers numerous advantages. Let’s explore some of the promising benefits below:
A track and trace pharma system provides authentication at every stage of the supply chain, effectively preventing counterfeiting and ensuring only genuine products reach end users.
By offering real-time data on product location, stock levels, and transit times, a track and trace system enhances supply chain visibility. This increased visibility minimizes delays, stockouts, and inefficiencies, ultimately reducing operational costs.
Patient safety is of utmost importance in the pharmaceutical industry. Track and trace systems for pharma packaging can enhance patient safety by providing accurate information on the product, such as the expiry date, dosage, and batch number. This can help in avoiding medication errors, improving drug efficacy, and reducing the risk of adverse events.
The pharmaceutical industry is subject to strict regulatory requirements. Implementing a track and trace system in pharma packaging can enable regulatory compliance by providing accurate data on product origin, storage conditions, and distribution history. This can help in avoiding penalties and ensuring that the products meet the required standards.
The use of a track and trace system for pharmaceutical packaging ensures that the product is genuine. The system tracks the product’s entire journey, from the manufacturer to the end consumer, ensuring that the product is not counterfeit.
By improving supply chain efficiency, a track and trace system can reduce costs for pharmaceutical companies. This includes the costs associated with product recalls, stockouts, and waste.
Real-Life Examples of a Track and Trace System in Action Several pharmaceutical companies have already implemented track and trace systems, and the results have been overwhelmingly positive. A few such case studies have been discussed below.
Sun Pharmaceutical Industries is India’s largest pharmaceutical company and one of the world’s largest specialty generic pharmaceutical companies. The company implemented a track and trace system in 2019 to ensure the authenticity and safety of its products. The system, developed by Optel Group, enables Sun Pharma to track its products through the supply chain, preventing counterfeit drugs from entering the market.
Cipla Limited is a leading global pharmaceutical company that focuses on developing innovative medicines to address unmet medical needs. The company implemented a track and trace system for its products in compliance with the Falsified Medicines Directive (FMD) in Europe. The system, developed by TraceLink, enables Cipla to track its products through the supply chain, ensuring authenticity and safety.
Dr. Reddy’s Laboratories is a multinational pharmaceutical company that focuses on developing generic drugs, biosimilars, and innovative pharmaceuticals. The company implemented a track and trace system in compliance with the Drug Supply Chain Security Act (DSCSA) in the US. The system, developed by rfXcel, enables Dr. Reddy to track its products through the supply chain, ensuring authenticity, safety, and compliance.
QodeSETU is a track and trace system for pharma packaging developed by Qodenext. The system is designed to provide end-to-end visibility into the supply chain, enabling stakeholders to identify and address any issues quickly. QodeSETU is a cloud-based solution that is easy to integrate with existing systems and can be customized to meet the specific needs of pharmaceutical companies. The system provides real-time tracking and traceability, and the data captured can be used for compliance reporting and analytics.
QodeSETU’s unique features include:
QodeSETU provides end-to-end traceability across the supply chain, enabling stakeholders to track the movement of drugs from the point of manufacture to the end user.
The system offers real-time visibility into the supply chain, enabling stakeholders to identify and address any issues quickly.
QodeSETU’s reporting capabilities can be customized to meet the specific needs of pharmaceutical companies, enabling compliance reporting and analytics.
QodeSETU is a cloud-based solution that is easy to integrate with existing systems, reducing implementation time and costs.
Track and Trace for Pharma Packaging To address common questions regarding track and trace systems in pharma packaging, here are some informative FAQs:
Track and trace systems can help companies quickly identify affected products and trace them back to their source in the supply chain. This enables them to initiate targeted recalls, reducing the impact on consumers and minimizing financial losses.
Track and trace systems can help prevent medication errors by ensuring the right medication is delivered to the right patient at the right time. By providing real-time information on the medication’s location and status, the system can alert healthcare providers to any discrepancies and prevent errors.
No, track and trace systems can be used for a variety of products beyond pharmaceuticals, such as food and beverage, consumer goods, and electronics. Any product that requires end-to-end traceability and real-time monitoring can benefit from the technology.
Some common misconceptions about track and trace systems include that they are too expensive or complex to implement, that they only benefit large companies, or that they are only applicable to pharmaceuticals.
A track and trace system for pharma packaging is revolutionizing the pharmaceutical industry by ensuring the authenticity, safety, and compliance of drugs. With the implementation of these systems, pharmaceutical companies can efficiently track their products through the supply chain and prevent the entry of counterfeit drugs into the market. By building customer trust, companies can enhance their brand reputation and secure their place in the market.
If you’re interested in implementing a track and trace system for your pharma packaging, check out our product – QodeSETU by Qodenext. This state-of-the-art system offers end-to-end traceability, real-time monitoring, and compliance with global regulations. Investing in a track and trace system is not only beneficial for pharmaceutical companies but also for patients who rely on these life-saving medications.
So, don’t wait up, get in touch with us today to take a step towards ensuring a safer and more reliable pharmaceutical supply chain by enhancing your supply chain and customer satisfaction with our product – QodeSETU.
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