UncategorizedHow End-to-End Track and Trace Combat Counterfeiting in Pharma...

How End-to-End Track and Trace Combat Counterfeiting in Pharma Industry?

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In the 21st century, pharmaceuticals are among the most vulnerable sectors prone to counterfeiting globally. Ordinary salts and harmful substances are used in manufacturing fake medicines which have serious health effects on people. In medical emergencies such as COVID-19 people become more vulnerable as the circulation of fake medicine surges abruptly. Owing to the rise of demand for life-saving drugs during the COVID-19 pandemic, the flow of counterfeit medicines jumped 25% worldwide, causing a threat to customer health and safety. 

Moreover, counterfeiting causes a revenue loss of millions of dollars to the pharma companies every year and hurts their brand value. To combat the notorious nexus, pharma companies are desperately trying and testing various anti-counterfeiting solutions but all of them have, so far, proved to be insufficient to curb this global menace. 

Anti-Counterfeiting through Real-time End-to-End Track and Trace 

Existing solutions such as intellectual property rights, patent rights, realization, stickers, holograms, and 2D barcoding have failed to stop the circulation of hoax medicine in the supply chain. This widespread burning problem of the pharma industries has paved the way for the development of the ground-breaking anti-counterfeiting solution, based on blockchain technology helping pharma companies all over the world to curb counterfeiting of their products with its distinctive feature of end-to-end track and trace. The NFT-enabled highly secure and unique QR codes that are used to track inventory movement is proving to be a game changer for pharma companies. 

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How Track and Trace Curb Counterfeiting in the Pharma Sector?

The traceability and transparency brought to the pharmaceutical industries with the integration of QR code tagging on their products’ packaging have the potential to crack down on the infringers with zero defection rate. Its end-to-end track and trace feature enables the manufacturers to get the real-time status of the product whenever products, attached with NFT-generated QR codes, are scanned. This brings transparency and visibility to the system to detect any loophole in the supply chain which could be a cove for counterfeits.

Following are the ways in which end-to-end track and trace address the problem of counterfeits in the pharma industry: 

Bring Traceability to the Supply Chain 

Undeniably real-time tracking and tracing of inventory in the supply chain allows the businesses to monitor the actual movement of the very unit of product. The access to real-time reports and inventory data enables the manufacturers to dip deep and find the real source of counterfeit in the system. Once the root cause is identified it can be resolved quickly. This is made possible with the unique QR codes attached to the products, that share the status report every time these are scanned.

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Bring Transparency and Visibility to Supply Chain

By allowing the businesses to monitor different stakeholders and channel partners in the supply chain from vendors, and suppliers to wholesalers and retailers, the real-time tracking and tracing not only builds trust between them but enables the business owners to spot the level of hierarchy where fake inventory is being injected.

Standardized Serialization 

As mandated by regularity, the pharmaceutical industry needs strict serialization of products for traceability and authentication purposes. Serialization verifies the authenticity of the products, ensures that only genuine products are there in the supply chain, and raises an alarm if a fake product is detected without having the right lot or batch number. 

Stop Stock Hoarding

In the absence of a real-time tracking mechanism, wholesalers and distributors start stock in the hope of earning a profit when the price is high. The hoarding gives rise to the influx of counterfeit products in the supply chain. End-to-end traceability keeps a check on hoarding by bringing visibility to the system.

Improve Product Recall 

Backward logistics is another way of inducting fake products by merging them with original ones in the supply chain predominantly used by infringers. Products recalled by pharma companies due to expiry or compliance issues are often either not returned by the stakeholders or are mixed with fake ones to sell in the market, causing safety concerns to people. Nonetheless, this can be resolved by improving traceability in the system by introducing QR code tagging in the product packaging. 

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How QR Codes Bring Traceability and Curbs Counterfeiting

Based on blockchain technology the NFT-enabled QR codes attached to each layer of packaging enables businesses to track the real-time status of the products. A unique copy-proof and tamper-proof QR code, affixed to every single unit of the product, can be scanned with a smartphone scanner to check the authenticity of the product instantly. It flags fake products that do not possess unique QR codes. 

Summing up

End-to-end track and trace in the supply chain can help pharma companies counter the problem of counterfeiting and save a lot of revenue lost in the fight against infringers. Traceability, in addition to this, also helps to improve your customer satisfaction and brand awareness by introducing visibility in the supply chain. As blockchain has emerged as a revolutionary technology for supply chain management, the pharma sector is also among those benefiting from innovative solutions.

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