The Pharmaceutical Industry Improves Its Regulation through Serialization
A lot of consumers from all the industries in the economy have encountered various instances where they have purchased some items or products, only to realize that they were not from the original manufacturers that they expected. This has been a significant problem in the current market whereby there has been a lot of imitation of products by some cynical manufacturers, who have been very determined to gain from the ideas of other individuals. The pharmaceutical sector, for instance, is one of the industries that have been significantly affected by the vice. A lot of products have been introduced into the market, with the intention of deceiving the consumers to purchase them, thinking that they are from their manufacturers of choice.
Counterfeit drugs have been witnessed everywhere in the world where the patients have been made to consume drugs that do not meet the requirements and quality of the approving authorities. In some instances, the drugs have even been associated with various adverse effects on the consumers. For these reasons, the government and the United Nations Organization have come to the rescue of the innocent consumers, who purchase the products without the knowledge of the harm that they could cause on them. One of the measures that the WHO has taken is to demand that all the manufacturers of the pharmaceutical products to incorporate a serial into their products. This would hold responsible the manufacturers for every product that they distribute into the market so that they can ensure the safety of the consumers.
After the declaration of the requirement, the manufacturers all over the globe have been persuaded to invest in a serialization software that would enable them to serialize their products in accordance with the law that has been passed. The serialization will come at a cost to the manufacturers, but on the other hand, it would bring a myriad of benefits both to them and their consumers. Below is a list of the benefits that are expected to be reaped from the serialization of these products:
Reduction of Counterfeits in the market
A lot of products in the market have been faced with the challenge of being imitated by cynical manufacturers who have the intention of making money from defrauding the customers and also using the business ideas of other innovators in the economy. The introduction of serialization into the pharmaceutical industry has brought about a lot of discomfort to the imitators of these products, and as a result, they have found it difficult to produce counterfeit products in the market. This is because the serial numbers given to different products are unique and they would never get the exact serials to support their products in the market.
Enhances visibility and ability to trace the products
When the products are serialized, it becomes quite easy for the consumers in the market to identify the products with their producers. The regulatory authorities are also in a position to verify that the products being supplied into the market are legitimate and of the correct quality. For this reason, the imitators would have challenges putting up with the inspections that are done by the regulatory bodies since they cannot justify their existence in the market.