RFID Technology also enters in the world of Pharmaceutical companies, distributors, and hospitals to discourage drug counterfeiting. The report of The World Health Organization shows between 5 to 8 percent of global pharmaceuticals is counterfeit. In some countries, It is higher and between 25 to 40 percent.
In the fight against counterfeit drugs RFID have it’s own additional benefits. The pharmaceutical industry runs on the data information of throughout the process of drug trials, manufacturing, distribution and retail sale. RFID is known for it’s tremendous ability to uniquely identify each item and securely capture date without during whole supply chain. Pharmaceutical industry is blessed by RFID technology:
• Supply Chain: RFID has ability to deep insight, visibility and efficiency during the supply chain. RFID present a good chance to provide 100 percent visibility of inventory, making it easier and quicker to handle goods transaction to the right place in the right channel. The technology improves productivity in shipping and receiving, reduce touch labor, increase the assurance of shipping and providing accuracy, and expanding product availability at the retail store, thus reducing customer complaints and charge backs.
• Pharmaceutical responsibility and Brand Protection: Technology helps to reduce the responsibility at every point of supply chain, reduces the inventory losses. Every year 6-10 percent of retail inventory is stolen and diverted. Benefit of the new technology is presented when returns are properly shipped from right manufacturer, at proper price. RFID also helps to prevent "gray market" distribution, which costs companies and their customers hundreds of millions of dollars each year.
• Pharmaceutical Product: RFID provides Safety, Recalls, and Regulatory Requirements. RFID take care about the expiration dates and improving expiration management. The technology can store preliminary information that satisfying regulatory requirement. RFID reduce the time spent to identifying products targeted for recall and reducing the likelihood of a mass-market recall of branded products by zeroing individual items and capturing manufacturing data.
RFID technology improves the drug usage tracking during whole clinical-phase testing. Technology Improve the reliability and speed of the United States Food and Drug Administration to drug approval process by improved tracking and accountability. So the use of RFID is going to be standard for pharmaceutical companies.
RFID solution implemented for many more different fields:
• Corporate Security
• Fraud Prevention
• Legal & Regulatory Affairs
• Loss Prevention
• RFID Technology
• Security Operations
• Supply Chain
• Transportation & Distribution
RFID made data maintenance easier. Data capturing, managing, and reviewing data anywhere and anytime affect your business directly or indirectly. Dynamic maintenance of your huge data and any kind of asset provides you better flexibility.
