The future-proof labeling technology is set to transform the pharmaceutical industry during the forecast period, including supply-chain management, cold-chain monitoring, track-and-trace compliance, and authentication. With the usage of technologies such as RFID and NFC, among others, drugs and medical devices are digitally visible, traceable, and well monitored, from the manufacture, all the way through, to retail shelves, and even to the consumer's homes.

Major issues affecting the pharma sectors are the increasing costs associated with non-adherence and counterfeiting, which are expected to be solved by these technologies. Moreover, these issues primarily align with the governments across the globe, that are trying to fight piracy and improve the costly non-adherence. Furthermore, according to the World Health Organization, globally, counterfeiting costs the pharma industry USD 75 billion every year. The integration of these technologies into pharmaceutical labels is currently the most significant opportunity for the vendors as the market is expected to grow much further. Some brands have already begun using RFID technology to authenticate prefilled syringes and track the time and temperature of products during shipping.

- Moreover, NFC-enabled pharmaceutical products are witnessing higher demand among organizations, primarily owing to their ability to improve patient engagement using a bi-directional communication channel and fostering co-vigilance. The NFC tags used for the solution will provide real-time temperature sensing and data logging across the supply chain essential for the transportation of pharmaceuticals and other temperature-sensitive products that can be adversely affected by conditions in transit. NFC label can carry more data than a barcode or QR code and provide access to a virtually unlimited realm of additional information. Authentication, patient and equipment safety, tamper detection, and educational information are chief benefits, but the potential to personalize consumer interaction is predominantly helpful for pharmaceuticals.

- Manufacturers in the industry, however, are on the lookout for a more reliable way other than RFID for the process of manufacturing control in the pharmaceutical industry, as well as for product tracking & tracing of drug quality. This has led to the initiation of the next phase of adoption of Smart technologies, driven by the latest technologies, such as the Internet of Things (IoT) and the near-field communication (NFC) technology that is emerging as an incredible array of essential operations in the industry. In August 2019, WISeKey International Holding Ltd, a cybersecurity IoT platform company, announced the launch of its patented anti-counterfeiting NFC device that is designed to protect the pharmaceutical industry from the escalating counterfeit problem.

- Although the pharma industry has been fighting against COVID-19 with drugs and vaccines, the pharmaceutical industry's work has also been affected by the pandemic, primarily through the disruption of supply chains. A survey by Pharmaceutical Technology on the pharma supply chain to maintain adequate supplies of medicines amid the COVID-19 pandemic resulted in a relatively even split in opinion, with 24% of respondents stating they are incredibly confident medicine supplies won't be disrupted, while 22% were extremely doubtful. This difference of opinion continues in the less extreme answers, with 23% of voters being somewhat confident, and 20% being somewhat questionable. This drives the need for robust and future-proof labeling systems for the efficient functioning of the pharma supply chain.

Free Sample report for this report is available :- https://www.statzyreports.com/report/sr499287/future-proof-pharma-labels-market

Key Market Trends

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.

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.

Competitive Landscape

The Future-proof Pharma Labels Market is moderately competitive owing to the presence of individual players providing solutions in the market. The market appears to be consolidated primarily because few of the players occupy a significant share of the market. The major strategies adopted by critical players in the market are product innovations and strategic partnerships to expand their product offerings, expand their geographic reach, and stay ahead of the competition. Some of the major players in the market are CCL Industries Inc., Avery Dennison Corporation, and NiceLabel.

- January 2020 - Schreiner MediPharm showcased new robust RFID Pharma-Label and secure supply chain solutions. The new Robust RFID-Label from Schreiner MediPharm consists of a label-integrated RFID tag secured by the label’s unique construction. Thus, potential damage to the RFID chip, for instance, due to mechanical impact during the manufacturing and handling processes, can be avoided.

- March 2020 - Avery Dennison Corporation has completed the acquisition of the transponder business of Smartrac for the purchase price of EUR 225 million. Smartrac engages in the development and manufacturing of RFID inlays. It has intense research and development capabilities and a track record for developing and commercializing effective, high-value, and high-quality RFID products.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr499287/future-proof-pharma-labels-market

Contact Us:
Poojan Dogra
Public Relations Manager
Email : [email protected]
Email : [email protected]
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com