Pharmaceutical counterfeits are surging during COVID-19. Duplication seems to infect the market to a large extent. This Duplication in Pharma Companies is a possible concern that individuals are even scared to get a vaccination shot. 

During this crisis, Pharma is the most lucrative industry for counterfeiters to enter.

This is practically possible due to multiple supply channels. Result?

 It is causing additional health issues to the life of patients. Also, pharma companies ought to suffer losses and depleted brand value. Currently, the whole economic burden seems to be directed upon the Pharma industry. India has already started to experience the second wave of coronavirus Simultaneously, pirate drugs are engulfing its economy. Be it surgical masks, PPE Kits, even medicines like remdesivir, their fakes are already in the market. 

Imagine getting a fake Remdesivr, what shall be the result? It might even lead to a patient’s death. Remdesivir is an authorised drug by the FDA for treating COVID infected patients.

With the absence of digitalized supply chains, anti-counterfeit management is difficult. Internet of Things (IoT) and its applications need to be adopted urgently to prevent fake vaccinations and medicines from entering the market. QR-code based solutions are the problem solvers and safety guards to pharma products.

Current Challenges faced by Pharma Companies due to fake medicines and vaccinations

• Increased Expenses:

Due to duplication in the pharma sectors, brands have to incur huge expenses. Different techniques and methods have to be adopted to curb fakes inside your supply chain. This additional expenditure apart from cost of production causes a huge dent on finances.. It becomes an additional problem when the supply chain management is non-digitalized.

SOLUTION: Use QR-Code based labelling at the initial stages to avoid duplicity. This tech-solution for anti-counterfeit saves cost and also secures your product. It ensures long term brand safety.

• Loss of Goodwill and Authenticity:

With the increase in fake products comes the downfall of the brand’s goodwill. Regular patients/customers start losing interest when they experience poor quality medicines. This is the result of poor quality fake medicines that may also cause side effects. No person is ready to put his health at risk owing to low-cost fake drugs. Thus, the pharma brand loses its market reputation.

Brand authenticity comes at stake and so does it revenue.

• Decreased Revenue:

When counterfeits take over your supply chain, companies’ profits see a downfall. This happens due to the loss of consumers’ trust. They shift from your product to your competitors. Decreased consumer base leads to decreased demand and thus, a fall in revenue. COVID-19 seems to have taken a toll on the pharma industries at large.

Simultaneously, they also have to bear the damage or return losses when fake medicines are returned in the name of original supplies. 

SOLUTION: Returns and Damage management can be controlled by an efficient QR-code based anti-counterfeit solution.

• Lack of knowledge about market conditions:

Due to non-digitalized supply chain management, the company finds it hard to gather market data. They might not even be aware of current market conditions. It is all attributed to the absence of secured tech guards like QR codes.

• Supply Chain Difficulty:

Supply Chain Management becomes the hardest to operate. This happens because of the spread supply chain followed by an absence of online data basis. Entrance of pirate substandard drugs becomes easy. The issue takes a rise when it becomes hard to even analyse the market condition.

SOLUTION: Use online data maintenance via unified tech-based solutions like QR codes. You can easily Track and Trace the production and transportation of drugs.

Benefits of using QR-Code based Anti-Counterfeit technology:

QR codes are the best tool for effective anti-counterfeit management. They are the cheapest anti-pirate tools with a proven revolutionary performance.

• Unique QR Codes: 

Each QR code is unique for each medicine. The single-use nature of QR code makes them difficult to copy. Thus, no chance for a fake product to enter your supply chain.

• Increased Traceability:

QR Code can be scanned easily via smartphone. This gives instinctive information regarding the location of the concerned product/products.

• Retrieve data information:

QR-Codes are the tools for online databases. The instant scanning lands you on the page where all the data can be found. This information includes:

1. Name of the manufacturer
2. Name of the product
3. Pharmaceutical form, strength, size
4. Location of the firm
5. Manufacturing date
6. Expiry date

No overwriting can be done into such data stored once by the system with regards to product information.

• Reduction in operational costs:

Pre-printed QR-Codes are the easiest and cost-effective solution as compared to other anti-counterfeiting solutions.

• Increased Brand’s Authenticity:

With the supply of trusted and safety ensured original medicines, comes the brand’s authenticity. 

CONCLUSION

The main issue is not the combating of fake drugs but, understanding their actual number. However, this whole problem can be eroded if you adopt for your brand safety. Labelling each medicinal drug at the initial stage is the only way out. COVID-19 situation needs to be handled with care. It is the prior responsibility of the Pharma industry to ensure quality medications. 

Combat counterfeits with Genefied’s QR Code technology solutions. GenuineMark is the anti-piracy safety gear introduced by Genefied. 

To protect your patient, reputation, and thus your revenue, adopt our QR code tech service. Let us help you control the duplication of medicines at any point across your supply chain.

Visit our website to know about our proven works for our other big industry partners.