The prescription drug market is a sector largely affected by counterfeit products entering pharmacies and hospitals. In 2019 alone spurious medications cost the pharma industry a whopping 200 billion dollars, with reports suggesting a 20 percent year-on-year increase heading into 2020. To stop the fraudsters, pharma companies and other stakeholders in the prescription drug space have employed varied techniques, including anti-counterfeit packaging. To further improve the preventive measures, companies have begun implementing digital applications powered by AI and blockchain into their operational workflows to ensure maximum quality.
While blockchain offers security throughout the drug supply chain, AI tracing systems enable wholesalers to verify the information authenticity. Once the product reaches the shelves of a pharmacy, pharmacist and patients can use the same key to verify the origin of the product. The steady growth of anti-counterfeit technology can be attributed to its ability to improve quality of not only the drug delivery process but also the overall processes in a pharma company.
With precision medication quickly becoming a trend in the pharma market, Pharma companies are upping their ante in data collection from human clinical studies. This trend, however, demands greater data management efficiency for the efforts to bear fruitful results. Participants in the pharma industry are using IoT-enabled devices to track health data such as heart rate, blood pressure and much more. Real-time insights derived from health data assist researchers to make informed decisions during the entire drug delivery process with the added value of information security.
In this edition of Pharma Tech Outlook, we bring to you the top quality assurance service providers in the pharma industry. We hope this edition will help our readers make the right choices in their pharma quality assurance initiatives.
We bring to you “Top 10 Quality Assurance Consulting/Service Companies - 2020.”
