LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ePedigree software market to grow impressively at a CAGR of around 23% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ePedigree software market for 2016-2020. The report focuses on the major drivers of the market and also outlines the challenges faced by vendors and the market at large, as well as the key emerging trends.
An ePedigree is an electronic record that takes care of the pedigree requirements of a drug. A pedigree contains information regarding the various levels of transactions resulting from a change of drug ownership from manufacturers to wholesalers to retailers. The record includes different important information such as the date of the transaction and the details (names and addresses) of all parties such as manufacturers, wholesalers, and retailers involved in the transaction.
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global ePedigree software market:
- Increase in demand for pharmaceutical serialization
- Need for improved product tracking
- Prescription drug trafficking and regulatory compliance
- Increase in demand for data security
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Increase in demand for pharmaceutical serialization
Pharmaceutical companies and governments across the world believe that counterfeiting can be controlled significantly by implementing product serialization. Serialization needs a comprehensive system to track and trace the way of prescription drugs through the complete supply chain. It identifies every product by a unique serial number, shelf life and batch number of that product. So the life cycle of the drug is monitored right from production, through distribution, and finally to the patient.
Ishmeet Kaur, a lead enterprise application research analyst at Technavio, says, “The process of serialization is difficult to implement in the manufacturing process. It requires a comprehensive system that keeps track of all drugs through the entire supply chain. It needs cooperative action from partners throughout the supply chain for accurate recording, tracking, and handling of information as the product moves from manufacturer to the provision point.”
Counterfeiting or forgery of pharmaceutical drugs is the prime reason behind the growing demand for ePedigree software solutions. Counterfeit pharmaceutical drugs include drugs that are deliberately or fraudulently misbranded with respect to identity and source, drugs with incorrect or wrong ingredients or an insufficient amount, and drugs with false packaging. This will lead to problems such as a decline in sales and loss of revenue for the company whose product is being faked. In addition, patients taking the wrongly prescribed drugs may face significant health risks.
Need for improved product tracking
“In the last few years, organizations have faced complications in tracking and tracing a pharmaceutical drug in the supply chain system. Hence, organizations prefer ePedigree software and serialized product tracking software to overcome drug trafficking and counterfeiting,” adds Ishmeet.
EPedigree software records data such as serial numbers and child to parent relationships, the items to bundle, and the selected bundles. These are then closed into cases throughout the labeling and packaging process. This data is kept in ePedigree and other business applications used in companies such as SAP, Oracle, and IBM. The serialized product tracking solution uses different technologies such as radio frequency identification (RFID) system and 2D barcodes that can encode unique electronic product code and serialized global trade item number. It also helps protect organizations from fraud and the forgery of prescription drugs.
Prescription drug trafficking and regulatory compliance
As per the International Narcotics Control Board, prescription drugs have reached second on the list of the most abused and counterfeited types of drugs in the world. Regulatory bodies worldwide, especially from the US and Europe, are forcing the industry toward the unit-level serialization of prescription drugs. Several other countries such as China, India, and Italy have already implemented a technique for serialization in various levels of the supply chain process. For the pharmaceutical industry, serialization helps organizations gain profit by manufacturing large volumes of products.
Increase in demand for data security
Keeping the serial data secure is always of the utmost importance for any organization. If an outside party obtains the original serial numbers and uses them on counterfeit products, a fake product could pass the security checks unnoticed and could enter the supply chain and reach end-users. Therefore, it is important to secure the serial data both within the database and while it is in transit between the system and the sellers. With the advent of ePedigree software, the information of the prescription drug resides in the ePedigree database and is secure for transaction throughout the supply chain.
Top vendors:
- Axway
- IBM
- Oracle
- Tracelink
- SAP
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