Track and Trace Solutions Market New Innovations Trends, Research, Global Share and Growth Factor
Posted by Sanyukta K on July 15th, 2022
There’s been a steep rise in the regulatory acquiescence for serialization in the last few years, which has turned out to be one of the prime focus areas for the pharmaceutical manufacturers and supply chain associates alike. Several efforts have also been made to address issues such as drug counterfeits, difficulties in tracing returns, and inadequate supply chain visibility. As for instance, keeping in line with Makro Care, a renowned clinical organization, beyond seventy-five percent of worldwide pharmaceutical drugs supply was roofed by serialization track and trace guidelines in the year 2018.
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Counterfeiting of drugs is one of the major problems for the biopharmaceutical organizations. In accord with the WHO in 2019, minimum one out of ten medical products that get circulated in low- and middle-income economies often come out to be falsified. This factor has increased the adoption of track and trace solutions among the end users as well as the drug manufacturers. Moreover, in December 2020, a peripheral division of Johnson & Johnson, Janssen Pharmaceutical apprised that counterfeit SYMTUZA had been disseminated to over three drugstores in the USA. Janssen is now working strictly with the US FDA to preclude further circulation and facilitate the agency’s investigation into the reported instances.
At the same time, the emergence of RFID technology has also created an array of avenues for the key players in the track and trace solutions market. Adoption of RFID technology in the healthcare sphere has experienced a sharp incline since the first quarter of 2020. This is mainly because this technology is extensively being taken recourse to for purposes such as authenticating and tracking diagnostic implements, vaccines, and other expedients.
List of Key Players
Accordingly, organizations are now incorporating the avant-garde technology in the packaging and manufacturing method. In 2020, Fresenius Kabi happened to integrate RFID-tag-equipped markers on suppositories including prefilled nozzles and ampoules, which are usually seen in operating cabins to improve the workflow of inventory management. The advantages of using high-tech RFID have heightened its adoption and approval in the healthcare industry, and supplemented the growth of the track and trace solutions market in several ways.
For example, ApiJect Systems America, US Department of Health & Human Services, and Department of Defense took on an alliance for ventures such as RAPID USA and Project Jumpstart, for escalating the production of syringes. Such moves have been highly favorable for the market throughout the global health crisis. The radio-frequency identification (RFID) technology tends to play a pivotal role in trailing and tracing prescribed medications and plummeting down the expenditure of the healthcare industry to a significant extent.
Last but not the least; with an array of inventive solutions paving in the scenario, the front runners in the industry have been provided with lucrative opportunities to flourish their businesses. In June 2020, Zebra Motion Works Proximity was launched by Zebra Technologies Corporation. It has got upgraded features such as proximity detection at the user level, allowing contact tracing and alerting. This will let the healthcare setups to safeguard the health of their employees while at work. Such fresh launches of product by different companies have heightened the credibility of the system in the market.
Key Benefits For Stakeholders
Here, it’s worth mentioning that the outbreak of the pandemic has had a positive impact on the global track and trace solutions market. Emergence of several diagnostic kits and different drugs to contain the spread of the virus, the risk of counterfeit expedients and medicines amplified to a considerable degree, which affected the pharmacy automation market. In the first quarter of 2020, for example, Homeland Security in the USA reported almost nineteen thousand suspects of Covid-19-corresponding domain names. Consequently, it detained over more than three million dollar associated with nearly five-hundred shipments of fraudulent, unlawful, and unauthorized treatment kits, which gave way to eleven arrests. And, these instances have boosted the adoption of track and trace solutions with a full sway.
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About the AuthorSanyukta K
Joined: July 13th, 2022
Articles Posted: 49
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