Technological advancement has altogether changed the patterns of our society. Like any other sector of society, pharmaceutics has also received a great impact from this advancement. It has not only accelerated the research and development process of the pharmaceutical industry but also has introduced many innovations. Because of technological advancement pharmaceutical industry has not only saved people from different life-threatening deceases but also made it possible that these medicines may be made available to every human being at the lowest possible price. In this regard, Radio-Frequency Identification (RFID) is one of the technologies that have benefited the pharmaceutical industry in a great way. With the help of RFID, imports and exports of pharmaceutical raw materials can now be closely watched and monitored. Moreover, RFID has also helped in documenting the movement of pharmaceutical products from manufacturers to patients. Due to documentation and traction, the increasing sale of low-quality and health-risking medicines has also been slashed and curbed.
How Does RFID Work in Pharma?
RFID, using radio waves, automatically tracks people or objects and associates programmed information with them. Tag, reader, antenna and software are the major components of this system. Being a carrier of unique information, a tag is attached to an individual object. When such an object enters the reader’s field of view, the unique information regarding the object is transmitted to the reader in a distinct data code form. Information is transferred from the tag to the reader or vice versa with the help of an antenna.
Key Benefits of RFID in Pharma
1. Stock Management
RFID technology helps pharmacies in managing their stock. With the help of RFID, the consumption of medicines can be evaluated. Moreover, due to the known limit of consumption, the stock is prepared as per the demand, which saves the pharmacies from the issues of overstocking and expiry.
2. Track-and-trace
RFID technology offers an electronic drug pedigree that keeps a record of every person, from the manufacturer to the consumer. In case the drug has some side effects, the pharmaceutical company can easily track and trace the product to recall it.
3. Inventory Visibility and Management
RFID enables pharmaceutical companies, pharmacies and hospitals to easily monitor their stock. Due to the transparent system of RFID, stealing, theft, and misplacement of stock can be avoided.
4. Limit the Sale of Adulterated and Counterfeited Medicines
According to a report, World Health Organization has stated that globally 10 percent of the pharmaceutical trade has been found counterfeit. Because of adulterated medicines, not only patients but the pharmaceutical companies also suffer a lot. Pharma companies are slammed with huge losses due to the sale of adulterated and counterfeited medicines. With the help of RFID, adulterated and counterfeited medicines can be easily traced out, and the sale of genuine products can be increased.
5. Patient’s Safety
Patient safety is of prime importance for pharmaceutical companies. With the help of RFID, patients can be saved from counterfeited and adulterated medicines and expired medicines. Both of these issues can pose a serious threat to the patient’s health and life.
6. Cost Efficiency
RFID technology is cost-efficient. The employment of RFID technology has the potential to reduce the cost of inventory, human interference, and salary expenses. In addition to that, the order completion time can also be cut short to half. Moreover, RFID technology application also helps improve the percentage of accuracy and productivity in the performance. Resultantly, profit can be received as to their best potential. RFID technology also increases the profit ratio by limiting the sale of counterfeited medicines as the World Health Organization stated that $32 billion yearly in revenue is lost by manufacturers globally because of fraudulent drug activity.
The popularity of RFID in Pharma
The popularity of RFID technology is gradually increasing, and currently, its presence can be witnessed in almost every other field. Globally, RFID is valued at around $1.4 Billion in the pharmaceutical market. According to some estimates, by 2028, it will be close to $2.2 Billion. Key features like safety, tracking, profitability and myriad others are making RFID more popular day by day.
