The pharmaceutical industry has, by necessity, always been at the edge of label innovation. Labels for pharmaceutical products protect customers and manufacturers from harm and ensure adherence to regulatory compliances.
Labels play a critical role in the pharmaceutical industry. Pharma companies, therefore, have all the reasons to adopt the latest advancement in label technology. So, let’s understand what smart labels are and why they are beneficial for Pharma manufacturers and other supply chain stakeholders.
“Smart labels allow digitization of supply chains resulting in optmized management of inventory and improved productivity of Pharma companies.”
What Are Smart Labels?
Product labels that allow smart digital functions like product authentication, track and trace, loyalty management, and other such functions are known as smart labels. Such labels have printed barcodes that can be scanned with mobile cameras, hand-held terminals, and scanners.
Smart labels allow pharmaceutical manufacturers to track their medicines from factories to hospitals to patients and every stakeholder in between. When employed appropriately, these labels can drive several benefits for the pharma industry.
The Role of Smart Labels in The Pharmaceutical Industry
Enhanced Inventory Management
Pharma companies can use smart labels to identify where storage is in excess, where they need to increase their supply, and more accurate numbers to assess sales and demand. By using smart labels in inventory management, a proper balance can be maintained between shortages and surpluses. The inventory process can be enhanced by recognizing and addressing inconsistencies, such as incorrectly placed products.
Prevention Of Counterfeiting
Smart labels ensure that medications are genuine. Approximately 10 to 35% of prescribed medicines in the developing world are counterfeit, which is a big issue, and smart labels can help overcome it. Logistics providers, wholesalers, pharmacies, clinics, freight forwarders, and even patients can track medicines with smart labels.
Improved Supply Chain Management
A smart label can improve brand protection because pharmacists and supply chain managers can pinpoint a missing shipment. They can determine if it has been stolen or tampered with.
Manual inventories can take a long time. Most businesses spend weeks managing their inventory and supply chain. However, with smart labels, the overall time spent on inventory management can be reduced by a considerable amount.
Holostik Understands the Challenges of the Pharma Industry
Holostik is a leading anti-counterfeit solution provider. It offers highly secure labeling solutions with several features and functions that help overcome various issues. These issues include counterfeiting, sluggish inventory management, supply chain hurdles, and several related issues in the Pharma industry.
“Holostik has been providing smart labeling solutions to reputed Pharma companies. We have helped them in preventing duplication, ensuring supply chain visibility and boosting brand equity.”
Our solutions make authentication of products fast and easy, which saves your time and money. To know more about our smart labels call us at 9905-124-124 or send us a mail at firstname.lastname@example.org