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
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.
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.
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
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. Key players operating in the global pharmaceutical traceability market are:
- Dover Corp.
- Impinj Inc.
- MicroTag Temed Ltd.
- Mettler-Toledo International Inc.
- Optel Group
- Zebra Technologies Corp.
- Alien Technology LLC
- Avery Dennison Corp.
- Cognex Corp.
- Datalogic Spa
Global Pharmaceutical Traceability Market: Research Scope
Global Pharmaceutical Traceability Market, by Product Type
- Radio Frequency Identification (RFID)
Global Pharmaceutical Traceability Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.