Track and trace technology allows pharmaceutical companies to serialize or track their products from the time that they are manufactured through to when they are dispensed to patients. By implementing this type of technology, pharmaceutical companies will be able to track which batches of their product were used by different physicians and hospitals, preventing them from selling those unused doses to other facilities or patients. This blog article explores the pros and cons of using track and trace technology in your pharmaceutical manufacturing operation. In particular, we explore how this form of technology can help reduce fraud, improve supply chain visibility, and decrease pilferage. Read on to learn more!
What is track and trace technology?
Track and trace technology is a form of automation that allows pharmaceutical companies to track the movement of their products from the time that they are manufactured through to when they are dispensed to patients. This type of automation can, for example, help to reduce fraud. By using track and trace technology, pharmaceutical companies will be able to increase their focus on the quality of their products. Their suppliers will, in turn, become more aware of the batches of their products that are being used by different customers, allowing them to increase efficiency. This, in turn, will help to reduce pilferage and fraud – two serious issues that plague the pharmaceutical industry.
Why is it important to use Track and Trace Technology in your pharmaceutical manufacturing operation?
Track and trace technology represents one of the most effective ways of improving supply chain visibility. When pharmaceutical companies implement this type of technology, they will be able to view the movement of their products with the same degree of detail that they would view the movement of their relevant inventory. This will help to increase their focus on the quality of their products. Improved focus on quality will help to prevent fraud and pilferage. When pharmaceutical companies use track and trace technology, they will be able to view which batches of their products are being used by which customers. This, in turn, will help to sensitize suppliers to the batches of their products that are being used. Suppliers will then be better equipped to prevent fraud and pilferage.
How Track and Trace Technology Helps Reduce Fraud
Like any type of automation, track and trace technology can help to reduce fraud. When pharmaceutical companies implement this type of technology in their supply chain, they will be able to view the movement of their products with the same degree of detail that they would view the movement of their relevant inventory. This, in turn, will help to increase their focus on the quality of their products. By improving their focus on the quality of their products, pharmaceutical companies will be better equipped to prevent fraud and pilferage. Suppliers will be more likely to check the authenticity of their orders and will be more likely to prevent fraud if they recognize that their orders are coming from legitimate customers.
How Track and Trace Technology Can Help Decrease Pilferage
By using track and trace technology in your pharmaceutical manufacturing operation, you will be able to view the movement of your products with the same degree of detail that you would view the movement of your relevant inventory. This, in turn, will help to improve your focus on the quality of your products. Better focus on the quality of your products will help to reduce pilferage. When pharmaceutical companies use track and trace technology, they will be able to view which batches of their products are being used by which customers. This, in turn, will help to sensitize suppliers to the batches of their products that are being used. Suppliers will then be better equipped to prevent fraud and pilferage.
Conclusion
In this article, we explored the benefits of using track and trace technology in your pharmaceutical manufacturing operation. We hope that you have learned a great deal about this form of technology and have been able to apply this knowledge to your own operation. By implementing track and trace technology in your pharmaceutical manufacturing operation, you will be able to improve the security and safety of your products through the increased visibility in your supply chain. You will also be able to reduce the cost of managing your supply chain by automating certain key functions.
