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 compliance laws.
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 their implication is the need of the industry.
What Are Smart Labels?
Product labels with smart digital features like product authentication, track and trace, loyalty schemes and other such functions are known as smart labels. Such labels have printed QR code which can be scanned with mobile cameras and scanners.
The use of smart labels allows pharmaceutical manufacturers to track their medicines from factories to hospitals to patients and every component 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 in Healthcare:
Smart labels with QR codes help hospitals manage their medication inventory better by giving them more accurate, real-time data. Companies can use smart labels to identify where storage is in access, 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, 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 Pharma Industry
Holostik is a leading and amongst the high-tech anti-counterfeit solution providers. It offers highly secure labelling 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 with the Pharma industry.
Our solutions make authentication of products fast and easy, which saves you time and money. To know more about our smart labels call us on call us on 9905-124-124 or send us a mail at email@example.com