Market Trends of Future-proof Pharma Labels Industry
This section covers the major market trends shaping the Future-proof Pharma Labels Market according to our research experts:
RFID Technology is Expected to Witness Significant Growth
- Industry 4.0 technology has become a complicated aspect of business operations in most sectors with the rise of the fourth industrial revolution. RFID technology has become essential across a wide range of industries. The pharmaceutical industry's emergence is mainly attributed to the high importance of the safety and security of business operations. With the increasing consumer awareness about the toxic counterfeit products pushed in the market, the technology is expected to foresee significant growth in the industry.
- As one of the most supervised and sensitive product groups, pharmaceuticals are subjected to numerous safety norms, and manufacturers have to adhere to the drug quality and adhere to stringent regulations. Besides, increasing risks from substandard and falsified drugs are creating a need for efficient anti-counterfeiting solutions in the pharmaceutical industry. This has boosted RFID's adoption in combination with the electronic product code (EPC) in the industry.
- Though the technology is not new to the pharmaceutical industry, RFID readers are bring deployed for more efficient and potentially life-saving when used for monitoring drug quality and movement of the product. The user's inclination towards tech-based solutions coupled with the latest technologies to improve the security in pharmaceutical warehousing and the productivity and efficiency of their business logistics is expected to augur well for vendors and RFID companies in the pharmaceutical industry.
- Also, the need for safe transportation and storage of these products will be amplified with the growing trend of personalized medicine and treatments. Drug manufacturers and wholesalers implement an efficient labeling system by next-generation RFID tags and readers to reduce medical errors and improve the safety of personalized pharmaceutical products.
- Hanmi Pharmaceutical Co., one of the largest pharmaceutical companies in Korea, is one of the players that has been successfully employing RFID to increase efficiency, monitor product movements, and ensure compliance with government regulations. The company plans to use big data accrued from the existing RFID-based manufacturing system as part of the next phase of its Smart Factory.
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Asia Pacific is Expected to Witness Significant Growth
- The World Health Organization reported that, according to the Pharmaceutical Security Institute, the Asian region accounts for one of the most significant shares of counterfeit drugs in the world. This has increased the demand for anti-counterfeiting measures to be taken by the pharma companies in this area. A change in China’s patent law has encouraged more R&D effort and less generic drug manufacture in recent years. Further consolidating significant cities such as Shanghai, Beijing, Guangzhou, and Chengdu as growing innovative pharma scenes will positively impact the market.
- The degree of traceability that integrates RFID with consumer-scannable codes like QR can provide is expected to be an all-important link to the supply chain to prevent counterfeiting across the region. For instance, Baoshen, a Chinese packaging company with the annual capacity of producing 1 billion RFID labels, recently introduced a new Eprint line of RFID products focused on anti-counterfeit solutions for pharmaceutical drugs and other products.
- Moreover, India is also one of the top pharmaceutical manufacturers in the world. Although most of the production is distributed for domestic consumption, a considerable amount of drugs are exported to other countries like the United States. Most of the pharmaceutical exporters in India are expected to use future-proof labels to meet the safety and security regulations of importing countries.
- In the Korean pharmaceutical industry, the distribution structure is complex, and the bulk of the process is managed manually during manufacturing and dispatching pharmaceuticals. Additionally, the distribution process is undergoing many difficulties in managing proper inventory and expiry dates, as POS systems are not adequately managed at every drugstore across the nation. This is expected to foster significant opportunities for the use of Future-proof Pharma Labels in the future.
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