This is the first blog post for NanoMatriX’s Pharma Track-and-Trace Series.

Counterfeit Problems Faced by Pharmaceutical Firms

According to the WHO, 1 in every 10 medical products is falsified in developing countries. This implies serious treatment failures due to the rise of counterfeit products.

Pharmaceutical companies need to comply with strict regulations due to the health risks associated with substandard products. The entire supply chain needs to be scrutinized closely as there is a significant risk of counterfeit products entering the supply chain. Such defective medications and equipment infiltrating legitimate channels result in financial losses, legal repercussions, and health risks for consumers.

Counterfeit drugs erode revenue streams for pharmaceutical firms. Revenue leakage occurs due to lost sales opportunities, as counterfeit products compete with genuine ones. Legal battles ensue when patients suffer harm from counterfeit drugs. Lawsuits alleging negligence, product liability, and breach of trust can tarnish a company’s reputation. Regulatory fines and penalties compound the financial burden.

Counterfeit medications jeopardize patient safety. Ineffective or substandard drugs fail to treat illnesses, exacerbating health conditions. Worse still, toxic ingredients in fake drugs can cause adverse reactions or fatalities.

An efficient Track-and-Trace system can help pharma companies mitigate these risks and ensure brand and consumer protection.

What is Track-and-Trace?

Track-and-trace systems enable swift identification of counterfeit products. Companies can trace back to the source, recall affected batches, and prevent further distribution. This proactive approach safeguards patients and preserves brand integrity.

Track means following the entire supply chain from the raw materials to the point where it reaches the patient. Trace means collecting the product’s data to verify its source and real-time location. Serialization refers to allocating each pharma product with Unique Identifiers (UIDs).

Track-and-trace systems help pharma companies ensure their products are original and supply chains untarnished before sales, dispensing, and return.

How Does the Track-and-Trace System Work?

From tracing your raw materials to ensure they stay untampered when changing hands to manufacturing – from packaging to warehouse storage – and from distribution to patient consumption, track-and-trace systems can decrease the incidence of counterfeit products.

1. Get Unique Identifiers (UIDs) to assign a serial number to each pharma product or package at the unit level.
2. Comply with the regulatory requirements of different markets and regions with varying scopes, formats, levels, and deadlines of serialization and reporting.
3. The use of inspection or verification devices like barcode scanners, NFC/RFID readers, or mobile phones helps in efficient inventory management, recall management, and order completion.
4. Prevent the infiltration of counterfeit, expired, substandard, or diverted products into the authentic supply chain by using secure technology.

Tips for Implementing A Track-and-Trace Solution

• Evaluate your company’s specific requirements and challenges regarding counterfeit products.
• Consider what data and products need to be tracked, as well as how they should be processed and stored.
• Check the serialization and aggregation standards required in the country where you intend to sell. Different countries have adopted various serialization and aggregation standards. For instance, the U.S. incorporates 3T data (transaction history, statement, and information), while Europe uses the European Medicines Verification System. India also mandates serialization for both domestic and exported drugs.
• Keep security in mind during implementation. Protect data integrity and prevent unauthorized access to sensitive information.

Why Choose NanoMatriX as Your Ultimate Track-and-Trace Solution Provider?

NanoMatriX isn’t new to the game, we have been fighting the anticounterfeit battle for almost 20 years now. Choosing NanoMatriX as your track-and-trace solution provider means your brand gets absolute protection against fraud, theft, and counterfeiting.

With NanoMatriX, you get:

• Serialization with UIDs, standard or TrackMatriX Lock 2-D barcodes, printed serial numbers, and NFC/RFIDs
• Security inkjet ink to maximize security and save the material and labor costs relating to labels
• Efficient inventory management, recall management, and order completion
• TrackMatriX Pharma provides you with aggregation to 5 or more packaging levels
• A data management system that is highly integrated and interoperable with the other systems & stakeholders

Our scaleable systems easily adapt to your business needs and consumer demands, without making extensive changes to your existing technology. With NanoMatriX’s secure tech, stay strong against cyberattacks, data breaches, and unauthorized access. Ensure data is accurate throughout the supply chain, specifically after and during unfortunate events like returns, recalls, or disputes. Sync your data during manufacturing, distribution, warehousing, and dispensing.

Conclusion

Counterfeit products cause monetary and legal losses to pharmaceutical companies and pose health hazards for patients. This is where NanoMatriX’s track-and-trace systems come in. With cutting-edge technology, secure and scaleable products, and solutions that can be integrated over a wide range of pharmaceutical counterfeiting problems, get operational efficiency and ensure pharmaceutical supply chain transparency for all stakeholders involved.

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Read the second blog post for NanoMatriX’s Pharma Track-and-Trace Series here.

About NanoMatriX Technologies Limited

NanoMatriX is a specialist in providing document and brand protection solutions. To solve our customer’s problems, we provide the following product and service categories:

• Brand-/document protection platforms
• Custom Software development
• Cybersecurity services
• Anti-counterfeiting products
• Consulting services

The competitive advantages of NanoMatriX are:

• Two decades of experience helping brand owners and government agencies fight product and document crime worldwide.
• A unique combination of rare-to-find skills in linking physical overt, covert, and forensic security features with secure digital features.
• Proven rigorous application of top cyber security and data privacy protection standards.
• Multi-lingual, multi-cultural, and collaborative corporate culture.

NanoMatriX Technologies Limited is committed to the highest standards of cyber security, data privacy protection, and quality management. Our systems are certified and compliant with leading international standards, including:

• ISO 27001: Ensuring robust Information Security Management Systems (ISMS).
• ISO 27701: Upholding Privacy Information Management Systems (PIMS) for effective data privacy.
• ISO 27017: Implementing ISMS for cloud-hosted systems, ensuring cybersecurity in cloud environments.
• ISO 27018: Adhering to PIMS for cloud-hosted systems, emphasizing privacy in cloud-hosted services.
• ISO 9001: Demonstrating our commitment to Quality Management Systems and delivering high-quality solutions.