Last Updated on October 6, 2024 by The Health Master
Pharmaceutical firms and the entire healthcare sector are threatened by the threat of counterfeit goods and the supply chain disruptions they cause on a global scale today.
The demand for personal hygiene items like face masks, gloves, and hand sanitizer increased significantly during, and after the pandemic, and fraudsters took advantage of this vulnerable period to flood the market with stocks of counterfeit and subpar goods, causing losses for the industry in the tens of millions of rupees.
Counterfeit drugs
Not only does counterfeiting result in financial loss, but it also puts millions of people’s lives at risk because they use fake drugs and medical supplies.
A severe lack of visibility in the supply chain added to the absolute absence of know-how and tools to establish the difference between original and fake products is one of the main reasons why counterfeit products make their way into the market.
Becoming more and more aware of these issues, pharmaceutical companies are now focusing on adopting various methods to combat grey goods.
Here are three specific strategies to combat counterfeiting drugs and other supply chain threats:
Raise Awareness:
Most unsuspecting people end up buying counterfeit products because they cannot genuinely tell the difference between original and fake.
Pharmaceutical companies are beginning to take it upon themselves to spread awareness and educate consumers about the menace and the high risks of counterfeit medicines.
Consumers can be educated about the various scams doing the rounds, the modus operandi of the scammers, and be filled in on some ways in which they can safeguard themselves from falling into a trap.
Pharmaceutical companies can raise awareness about avenues to differentiate between an original and fake product and help provide consumers some insight on what to look for when they shop in order not to be duped.
Traceability and Technology:
Pharmaceutical companies can use serialization to implement track and trace solutions as one way to combat the problem of counterfeit goods.
Many pharma companies are widely adopting this method as it is an extremely reliable technique enforced by major pharmaceutical giants across the globe.
A unique identifier is assigned to every individual product at a unit level within the manufacturing facility.
This unique identifier increases visibility into the pharma supply chain, especially during secondary and tertiary sales.
It also helps consumers distinguish between original and fake products. End consumers can authenticate their purchase using a mobile app by scanning a unique code.
The track and trace technology has several advantages as it helps reduce medication errors, helps with inventory control, and helps identify theft or diversion of products in the distribution chain, etc.
Many nations, in the last decade, have mandated serialization in the pharmaceutical industry.
In terms of volume, the Indian pharmaceutical industry is the third largest and fortunately, India has also been setting goals to mandate protection protocols for pharmaceuticals in the domestic market, as well as for exported goods.
Digital Transformation:
One of the ways that many pharmaceutical companies are now adopting is by completely digitizing the supply chain and investing in technological advancement tools to combat counterfeiting.
Pharmaceutical companies must implement technologies that will provide end-to-end visibility into the movement of the product at every stage. Digital solutions like Artificial intelligence (AI), Blockchain, Big Data Analytics, and Data Science can be used to gain complete control over the supply chain and track every movement at every point until the products reach the end consumer.
Many digital enterprises are offering cloud-based advanced technological solutions specifically designed for pharmaceutical industries to automate their workflow to the fullest.
These technologies help bring all stages of the supply chain from manufacture to warehousing to distributors, retailers, and the end consumer on an easy-to-interact platform where each stakeholder can provide actionable insights to brands.
By Lokesh Harjani, Founder & CEO, OnSpot Solutions
(DISCLAIMER: The views expressed are solely of the author and The Health Master does not necessarily subscribe to it. The Health Master shall not be responsible for any damage caused to any person / organisation directly or indirectly)
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