Roger Bate from the American Enterprise Institute estimates that global economy is hit by $10 billion in losses due to counterfeit and substandard medicines alone. Life loss, he estimates, equates to around 100,000 deaths a year – primarily felt by emerging markets.
Therefore, it’s imperative for pharma and biotech firms to invest time and money in the right technology, the right partners and then focus on the integration and harmonisation of the serialisation process from a departmental and technological perspective. This integration is required across warehouse systems, shipping systems and packaging systems on an international basis – with some country specific regulations still pending.
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