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RFID offers tangible returns in the Pharmaceutical Sector despite cost variations
Added: (Fri Sep 09 2005)
A recent market research report "RFID in Pharmaceutical Sector (2005)" by RNCOS, discusses that companies offering integrated solutions to curb drug counterfeit are likely to yield tangible returns in shortest time span by ensuring smoother operations within the healthcare facilities. In light of recent developments, growth of RFID in pharmaceutical sector is likely to replace the barcode technology that able to reduce ADE (After Drug Event)-related incidents and deaths.
The problem of counterfeit drugs has been a rising concern for the manufacturers looking for better consumer services. And curbing the look-alike drug tracking has been a daunting task for the bigger pharmaceutical companies. According to official reports, an approximate loss on revenue worth $45million was incurred last year due to counterfeit drugs. Vendors need to devise a proper IT implementation strategy to showcase the RFID technology as a solution.
In view of large number of patients worldwide, early adoption of RFID technology in pharmaceutical industry reveals that the industry, currently valued at US $300million in 2004, will attain greater heights despite the cost variations in RFID applications. Sources claim that the implementation of RFID technology to curb drug counterfeiting will significantly reduce the errors in medication by not less than 50%.
However, a large number of hospitals and healthcare services across the world are unable to integrate radio frequency identification (RFID) technology for dispensable drug asset tracking due to cost and other concerns. But cost barriers hardly deter the early adopters to pursue the technology for a clear competitive advantage and gains from the preventable ADE's.
The recent market research report "RFID in Pharmaceutical Sector (2005)", provides in-depth information of the industry infrastructure and clinical integration. The analysis also offers a snapshot of RFID applicability, equipment management, and patient management utilization. Further, it discusses the current trends in the RFID market, RFID revenue, drug-tracking and retailing, and the future forecasts. The emerging technologies, policies, and investments in the RFID projects are also highlighted.
A copy of the report “RFID in Pharmaceutical Sector (2005)”, can be purchased from RNCOS’s website www.rncos.com or email us at info@nrcos.com