About Pharmaceutical Traceability
Pharmaceutical traceability deals with tracking and tracing a drug's history, location, and application at any point in the supply chain. Serialization is a vital part of pharmaceutical traceability, wherein the medicines are provided with a unique serial number at the unit, lot, and pallet level. This helps in distinguishing the drug from counterfeit drugs and improve the traceability of the pharmaceutical supply chain.
Technavio’s analysts forecast the global pharmaceutical traceability market to grow at a CAGR of 19.25% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global pharmaceutical traceability market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pharmaceutical Traceability Market 2017-2021
Technavio recognizes the following companies as the key players in the global pharmaceutical traceability market: Avery Dennison, Cognex, Datalogic, Impinj, and Zebra Technologies.
Other Prominent Vendors in the market are: Adents, Alien Technology, AlpVision, Atlantic Zeiser, Authentix, Axway, Bar Code Integrators, SATO VICINITY, SMARTRAC, and TraceLink.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Blockchain technology. Blockchain is a distributed ledger that records and stores information. The main features that make it unique are decentralization and immutability. Another feature is the authentication or verification of the product, before adding an information or giving access to information, the technology uniquely identifies the product.”
According to the report, one of the major drivers for this market is Growing concern of drug counterfeit and theft. Counterfeit drugs are medicines that are manufactured in a fraudulent manner or can be mislabeled with different ingredients, source or other information. Illegal diversion of drugs is a major issue. Illegal diversion is the sales of drugs in countries apart from the ones where the drug is legally approved to be sold. Pharmaceutical theft can occur at any point in the supply chain, like manufacturer, wholesaler or distributor. Customers buy fake medicines either due to the lack of awareness or low price of such drugs.
Further, the report states that one of the major factors hindering the growth of this market is No global standard for serialization of drugs across the world. No global standards for serialization are adopted by the nations. Developing countries have come up with their own standards and regulations for serializing the drugs. Different countries follow different standards when serial numbers are assigned to the drug lots or batches.
Avery Dennison, Cognex, Datalogic, Impinj, Zebra Technologies, Adents, Alien Technology, AlpVision, Atlantic Zeiser, Authentix, Axway, Bar Code Integrators, SATO VICINITY, SMARTRAC, and TraceLink.