Global Pharma Track and Trace Solutions Industry Growth and Trends Forecast to 2032

Definition

Track and trace solutions are not just economic measures for supply-chain efficiency. Experts estimate that 5% of all drugs sold worldwide are counterfeits – in some countries, figures even reach a shocking 50 %. Billions of products are “lost in the supply chain” every year. Counterfeit drugs and product diversion risk lives, undermine revenues, and threaten company reputations. The pharmaceutical industry needs to ensure supply-chain security and gain the ability to authenticate the ePedigree, or life history, of a product. Track and trace solutions are an essential part of this strategy. Track and trace solutions identify the origins of a pharmaceutical industry product and verify its authenticity. Moreover, track and trace solutions also help combat product diversion, whereby legitimate products are diverted from one market to another, with implications for licensing obligations and distribution agreements as well as for revenues.