Serialization and the Future of Product Traceability

Abstract

Since the beginning of pharmaceutical products and drugs, counterfeiting has been a worldwide issue. Packed with minimal punishment, illegal internet sales and unsecured physical packaging, it has grown into an estimate market worth of over 75 billion dollars annually which represents a total of 5.8 percent loss to pharmaceutical companies. Even though 80 percent of the counterfeiting comes from overseas, Pharmaceutical Companies and worldwide Governments believe that counterfeiting can be reduced by implementing product serialization. This method has the potential to track and traced the product through the entire supply chain by uniquely identifying serial numbers, batch records, manufacturing and expiration dates. The ultimate goal for Pharmaceutical companies will be to trace the product lifecycle from production, distribution, and finally to the patient. Key words - Counterfeiting, Pharmaceutical, Serialization, Traceability.