The entry of a new product in the market gives rise to two consequences – patronage from customers and the development of their counterfeit counterparts.
As the patronage from customers increases, the chances of counterfeit products seeping into the market increases simultaneously and because of this, both end users and the company involved suffer from the out-turns.
After the rise of e-commerce platforms, infiltrating counterfeit products has become far simpler, leading the manufacturer to face a domino effect of ramifications in the market. Of all the industries, it is the medical industry, especially the pharmaceutical sector, that suffers most from devastating impacts of counterfeit products.
Counterfeit Products in the Pharmaceutical Sector
Concerned directly with the wellness and well-being of people, medicines are consumed for a purpose and counterfeit medicines that look and feel exactly similar to the originals, bring about undesirable side effects in the users. This is more of a serious affair to ignore.
While the manufacturers end up spoiling their reputation and brand image because of the counterfeit products apart from their return on investments taking a hit, consumers also experience dismay because of the product consumed. Almost every company that has a significant presence in the market has an alternate counterfeit product against its original, and differentiating between the two is practically impossible for a layperson.
Of the other theories surrounding counterfeit medicines, there is also a belief that these products function as a source of organized crime in a few countries. Apart from the economic impacts, such a motive can lead to a crisis like bio wars or the spread of lethal epidemics. However, tracking and resolving this concern is a demanding task by itself. To understand how to resolve this, companies have to understand the exact point where it arises.
For better comprehension, here is how the supply-chain cycle of a counterfeit product looks like.
Counterfeit products seep into the market from different touch-points from the counterfeit supplier, such as directly to pharmacies or hospitals, to online store sellers, and to the retail stores. Through these sources, counterfeit products reach a consumer, who buys the prescribed medication without having knowledge or exposure to the authenticity of the medicine. This is where medical concerns are triggered.
A Typical Supply-Chain
Curbing Counterfeit Medicines with NeuroTags
NeuroTags is a solution that adds a layer of security in the supply-chain cycle and prevents counterfeit products from reaching end customers.
With Neurotags technology on the backend, a simple scan on QR code helps consumers know if their medication is authentic or counterfeit and aids them in making informed decisions on their purchase.
How NeuroTags Works
The technology revolves around the deployment of Algorithmically coupled codes from NeuroTags on the medicines manufactured by a brand.
With this deployment, each medicine packaging goes out with NeuroTags encrypted code and reaches the different touch-points such as retail stores, online stores, pharmacies, and hospitals.
When a customer purchases the prescribed medication, they are required to scratch the Tag and scan it with their smartphone for authenticity.
Scanning the codes can make the consumer immediately realize the genuineness of the medicine as it is one-time readable code, and any attempt to tamper or replicate it with the help of third-party application or involvement will immediately trigger an alert that will go on to notify the manufacturer about the anomaly.
At the backend, the information is shared and sent to the cloud server, which in turn notifies if the medicine is legitimate or counterfeit. The Tags are also powered with an algorithm to track and control anomalies arising in the supply-chain cycle and precisely understand the point where counterfeit products seep in to replace the original.
The collected data also reaches executives for business intelligence and analytics purposes, making way for an ecosystem where the manufacturer ensures the supply of only authentic medicines from its end.
With this additional layer of encryption, the supply-chain cycle will now look like this:
Supply-Chain after NeuroTags
NeuroTags solutions are inevitable for Pharma Business
Companies and brands run more on the trust consumers have on them than profit, and counterfeit products tend to have a parasitical impact on this trust.
With an effective technology like NeuroTags, it’s not just the profits that are retained but consumer loyalty and belief that the produce from a manufacturer is legitimate and appropriate for consumption.
Brands take years to achieve this trust and also experience downfall within hours when they fail to place a check to such illegal mal-practices by a few suppliers. For consumer well-being and brand value, NeuroTags services are becoming inevitable.
Please contact us to know more about the Neurotags solutions specific to the Pharmaceutical Industry.
