4 Ways Serialization Benefits Both Consumers and the Pharmaceutical Industry
With mandates now in place regarding pharmaceutical serialization, drug and packaging companies have no choice but to create new protocols or hire outside serialization pharma contractors to implement track and trace solutions for their products. Generally, these mandates are framed in terms of consumer safety, and some companies see the requirements as being onerous. But tracking and serialization aren’t just about compliance, though that may be the impetus for most companies puting new systems in place, and there are plenty of reasons to look forward to updates to serialization processes. Here are four other benefits to be gained as part of serialization pharma updates:
- Better Product Authentication
Just as with any type of product, authenticity and brand integrity are an important part of any company’s value. Serialization ups confidence that drugs are not being counterfeited, which keeps both shareholders and consumers happy.
- Edging Out the “Gray Market”
Counterfeited and diverted drug shipments are part of an extensive “gray market” in the United States, and this gray market both puts consumers at physical risk and incurs significant financial harm on legitimate companies. Serialization puts pressure on this market, ensuring that patients get the safe drugs they need and manufacturers get their fair revenue.
- More Transparent Supply Chains
Being able to track and trace pharmaceutical products will make it easier to collect data on both demand and supply chains, leading to more accurate shipments in the long run. That accuracy will lead to a better bottom line.
- More Efficient Recall Processes
Although pharmaceutical companies do everything they can to ensure that drugs are safe, sometimes something will go wrong with a batch or products from a certain supplier. In these unfortunate cases, serialization helps to make recall processes more efficient, meaning that potentially dangerous drugs can be tracked down before they hurt people.
Do you have any other thoughts on the serialization pharma industry, or on how serialization is actually positive for pharmaceutical companies? Discuss in the comments.