The absence of know-how and tools to establish the difference between original and fake products allows the entry of fake or counterfeit medicines into the market, putting human lives in danger. Today, the entire global supply chain agonizes over counterfeit products and disruptions in the supply chain, which during and after the pandemic saw steep growth resulting in monetary losses along with threatening the lives of millions of people.
A lack of visibility within the supply chain also accounts for a major reason for the growing counterfeit in the market.
To control the entrance of such fake products and gain a competitive advantage in the market industry leaders are counting on digital intelligence.
As predicted by IDC by 2023, 75% of life sciences manufacturers will invest in intelligent supply chain solutions to enable resilience and prevent future disruptions during health emergencies such as COVID-19.
The Increasing regulations are also sparking digital innovation across life sciences.
Digitizing the supply chain and investing in technology advanced tools can help achieve end-to-end visibility and Digital solutions like Artificial intelligence (AI), Blockchain, Big Data Analytics, and data science can help gain complete control over the supply chain and track movement at every step.
By automating the credentialing process companies can build transparency and trust between indirect partners, immediately surfacing the pharmacy’s credentials as an authorized trading partner. This will not only save time and costs but will also provide greater information accuracy and fewer delays, strengthening an organization’s ability to meet the regulations.
To help the pharma industry automate its workflow completely, many enterprises are offering cloud-based network solutions. Leveraging this solution drug traceability becomes more efficient and supports the audits helping the market keep counterfeit medications at bay.
Moreover, digitizing the manual data collection and distribution tasks between systems will eliminate historical time lags that earlier resulted in outdated information.
It will help surface accurate information much faster. With this organizations automatically prove compliance with regulations, and can also easily verify license type as required to dispense various drugs. Digitizing the processes will also help build effective collaborations between trusted partners.
The pharma supply chains are complex. Before the medications reach the end consumer it goes through various stakeholders from manufacturers, wholesale distributors, re-packagers, logistics companies, and then the pharmacies for dispensing. With various touchpoints, it is difficult to track the goods but with a digitized, intelligent supply chain making traceability and visibility much easier the menace of counterfeit medicines can be fought.