Ever since the year 2014, the pharmaceutical industry has witnessed an annual average growth rate of 6.9 percent. Experts think that this industry's growth rate will only get bigger and better over the coming years. So, it is easy to see that there's immense scope in this market; and yet it continues to strive against myriad challenges. World Health Organization research estimates that fake products account for anywhere between 8 percent to 15 percent of total pharmaceutical sales across the globe. Unfortunately, the agency predicts that this disturbing number will grow further.
Also, there exists a large number of counterfeit products to have in an industry as sensitive as pharmaceuticals. Just imagine the impact knock off pharma products have, especially on the patients they are meant for. Here's some perspective: studies have found that roughly 1 million people die every year owing to the consumption of lethal fake pharmaceuticals products. However, we'll be honest; counterfeiting is not the only issue plaguing the pharmaceutical industry at the moment. Among other things, this market also has to deal with stringent cost control measures utilized by both providers as well as payers; more aware patients who now come bearing increasing requirements and expectations; and growing competition from generics.
So, is this industry at the mercy of these challenges? Alternatively, is there a way to effectively deal with them and continue the growth it is poised to witness. Thanks to the evolution of technology, there indeed exists a tool that can help this industry surmount these challenges, and that tool is near-field communication or only NFC. For starters, it helps with brand protection since it is a potent means to crusade against counterfeit products. NFC achieves this by offering a way for manufacturing regulation and product validation along with a dependable ability to trail and monitor outcomes.
Another way NFC stands to benefit pharma is by presenting unique opportunities. For example, it can offer functionalities such as product information, patient treatment alerts, and more to help address one of the most significant issues faced by this industry.
To help you further understand the advantages of NFC in pharma, let's quickly take a look at some use cases in this context.
- Patient engagement: One of the radical benefits of NFC-enabled pharmaceutical products is that they can be used to set up bi-directional means of communication, which, in turn, can be used to inform and advise patients remotely.
- Safety: Provided there are smartphones and Internet connectivity, NFC-tagged pharmaceutical products can offer item-level product authentication practically in real time.
- Surveillance: Yet another compelling way to use NFC is to leverage it to relay information to patients about recalled products, expiry dates, and more. Not just that, it can also be used to empower patients to communicate any side effects they may be experienced immediately.
As you can see, with a near-field communication app in their midst, businesses in the pharmaceutical industry can swiftly deal with the challenges obstructing their growth.