RFIDs in-pharmaceutical market has been witnessing high demand rate owing to its wide application range in the industry. Various key players operating in the market are investing extensively in research and development activities for RFID based devices, registering ocean of opportunities in pharmaceutical market.
One of the main reasons behind the adoption rate of RFID in pharmaceutical market is growing incidents of counterfeiting the drugs. This has given rise to need of stricter polices while labeling the medicines.
For instance, The Australian Commission has formulated a labeling standard and named it as ‘National Standard for user-applied labelling of injectable medicines. In this circumstance, it is mandatory to label fluids and injectable. This will ease out tracking process of the line of the drugs and last container used. Sometimes, the process also include patients.
The labeling process has contributing to expansion of the RFID in Pharmaceuticals market.
Further, government bodies across several parts of the world are aiming to improvise labeling standards and accountability of drug prescriptions. In order to do so, Medical Council of India, in 2016, formulate a strict regulations related to prescription writing.
Such policy is likely to fuel growth trajectory of the global RFID in Pharmaceutical market. Also, it would provide efficient patient care and visibility of drug chain.
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As a result, it will aid to maintain accountability and enhance the monitoring system.
RFID in Pharmaceutical Market Observes Substantial Adoption Rate to Manage Drug Supply Chain
The U.S. Food and Drug Administration (USFDA) has players a crucial role in accelerating the adoption rate of RFID (Radio Frequency Identification) in Pharmaceutical market to prevent duplication of drugs. It aids to track and trace the drugs in the entire supply chain.
The RFID technology enables the dealers and stakeholders to enhance the supply chain efficiency, check the storage information, boost safety of the patient, and facilitates easy patient, staff, and asset workflow. Moreover, flexible application and less labor requirement helps in easy adoption of RFID technology in pharmaceutical sector.
