What happens after a company serializes their products? Is there a value beyond compliance?
Digital health is about making the product, the person and the medical experience a seamless experience. In the long term, value beyond compliance is building the future of healthcare and supply chain with data and analytics. In the short term, from the supply chain perspective, having things individually traceable means you can associate data with that product, you can associate them with temperature, humidity and location. Compliance becomes multi dimensional as it moves through the supply chain. This is a technology fusion in the next coming years. Value beyond compliance in the supply chain means controlling your brand and products in real time, letting data increase efficiency and adding revenue.
Is it true that all serialization solutions provide the same ROI?
A simple and basic system will only serve for a few years but if it cannot adapt with the changes then it is a bad investment. The more intelligent pharmaceutical companies are thinking ahead. They ask about the extensibility of the product, where is the long term validation, how to manage this through the lifecycle. This type of serialization software takes things way past compliance placed by the Falsified Medicines Directive (FMD) in Europe and the Drug Supply Chain Security Act (DSCSA) in the United States. There is a return on investment that can be obtained from a platform for serialization over the long haul.
If companies look at a serialization software as a compliance problem, the only result is compliance and will spend the minimum possible to get there. Instead, a company should ask, how can a system build add value the more we use it? With this mindset companies can work with serialization software providers to start to do things early and get to that goal. The more sophisticated serialization and compliance systems are the will enable customers to accomplish these goals and effectively manage a supply chain.
About Glenn Abood: Abood is the CEO and founder of rfxcel. He has been providing track and trace solutions for the Pharmaceutical industry in US, Europe, India, Brazil for over 13 years. Glenn focuses on building a company with industry leaders and experts including, Mark Davison.
About Mark Davison: Davison is a serialization and track and trace expert in the European market with over 15 years’ experience bringing solutions to the Pharmaceutical industry.