With a rise in number of counterfeiting cases in the pharmaceutical industry, it has now become important to have trace and track systems. A pharmaceutical track and trace systems work through notifications of action types and data matrix information that is sent from the system stakeholders to the system centre through web services.
Pharmaceutical track and trace systems can help pharma companies in turning top line problems to bottom line success As due to shorter product cycle and growing buyer sophistication are concerned which is slowing the top line growth in pharmaceutical companies. Pharmaceutical track and trace systems mainly consist of Radio Frequency Identification (RFID) solutions.
The key reason for deploying pharmaceutical track and trace systems is to enhance efficiency in the channel and ensure compliance with reduced frequency of theft and counterfeit products. Various basic to complex pharmaceutical track and trace systems use technologies such as barcode, Register Transfer Levels and Radio Frequency Identification (RFID). Pharmaceutical track and trace systems include machines for printing, verifying, serialization of folding cartons, checkweigher, and labelling.
Counterfeiting is increasing as a major concern in the emerging markets. Rising demand for anti-counterfeiting measures in the industry is one of the major driving factor the market. The instances of pilferage and forgery are very common in most industries in emerging countries such as India and China, and are driving the growth of the pharmaceutical track and trace systems market. Pharmaceutical track and trace systems help to ensure that only authorized medical products circulate in the legal supply chain.
These pharmaceutical track and trace systems provide fast and efficient management of supplies at all levels. Developments in the global pharmaceutical track and trace systems market are regulated by bodies such as European Federation of Pharmaceutical Industries, US FDA, and Associations (EFPIA). These organizations authorize the medical and pharmaceutical industry to print different identification codes on healthcare packages.
Geographically, the global pharmaceutical track and trace systems market can be segmented into North America, Latin America, Western Europe, Eastern Europe, MEA, APEJ, and Japan. Among the above mentioned regions, North America accounts for a substantial share in the pharmaceutical track and trace systems market. The dominance of the healthcare sector packaging industry is a major factor contributing to the growth of the pharmaceutical track and trace systems market in North America.
Stringent government regulations to minimize forging practices is another factor attributing to the growth of pharmaceutical track and trace systems market in the region. APEJ is anticipated to grow at a significant rate over the forecast period, owing to the rapid industrialization and abundance of pharmaceutical industries in the region. Overall, the global pharmaceutical track and trace systems market is anticipated to register a healthy CAGR over the forecast period.
Some of the key players in the pharmaceutical track and trace systems market are as follows:
Many unrecognized and local players are expected to contribute to the global pharmaceutical track and trace systems market during the forecast period.
Manufacturers of pharmaceutical track and trace systems are expanding through organic and inorganic methods. For instance, in 2017, Grifols Inc. had two track & trace systems in place for the serialization and aggregation of hemo derivative products. One of which is implemented in the production plants for serialization and aggregation of albumin for the Chinese market and the other is implemented in GWWO’s Ireland production plant.
The report is a compilation of first-hand information, qualitative assessment by industry analysts, as well as inputs from industry experts and industry participants across the value chain. The pharmaceutical track and trace systems report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
On the basis of technology used, the pharmaceutical track and trace systems market can be segmented into:
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Pharmaceutical Track and Trace Systems Market
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