Track And Trace Solutions Market Comprehensive Overview And Future

• The global track and trace solutions market is anticipated to be worth USD 8.2 billion by 2027, advancing at a substantial CAGR of 18.5% during this period, according to Grand View Research, Inc.

• According to a World Health Organization report, 42% of the total number of fake medicines that were reported between 2013-2017 were from Africa. This was followed by North & South America, and Europe, with 21% reported fake medicines each. As drug counterfeiting presents a major obstacle to the pharmaceutical industry, companies adopt track and trace solutions to monitor the supply chain.

• Cargo theft is an issue that has plagued supply chain management for a long time. The FBI reports that less than 20% of stolen cargo is ever recovered. Cargo theft in the United Kingdom caused an estimated loss of $76 million to companies, according to BSI Supply Chain Services and Solutions. Use of track and field solutions can greatly reduce the occurrences of such incidences, as real-time information of an asset’s location will greatly reduce the chances of this issue.

• The United States pharmaceutical industry began ensuring that the return of each prescription medicines to the distributor involves the medicine having a unique product identifier that has been verified on the manufacturer side for accurate tracking, before it can be resold. The Healthcare Distribution Alliance (HDA) started development of ‘The MediLedger Project’, which was formed to meet the track-and-trace demands of DGSA regulations.

• According to World Bank data regarding Logistics Performance Index, in terms of ability to track and trace consignments as of 2016, Europe led the way with four countries (Sweden – 4.38, Austria – 4.36, Germany – 4.27, Belgium – 4.22), followed by the United States (4.20), with 5 being the highest rating. The global value, however, stood at 2.86

• The sales of goods in the United Kingdom is heavily affected by the presence of counterfeited goods, with sectors such as clothing, footwear and accessories (lost sales of €2 billion), and pharmaceuticals (lost sales - €16 billion) (for the period 2012-2015) being the worst affected. This trend is also observed on a global scale, which has made the pharmaceutical segment, luxury goods segment, and consumer packaged segments dominant in the use of track and trace solutions.

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• In October 2019, Axway came out with the Axway Verification Router Service (VRS) Solution, as a response to the Drug Supply Chain Security Act (DSCSA). The solution allows for secure exchange of data between distributors and manufacturers that confirms drug label authenticity. The solution is powered by AMPLIFY™ API Management solution and Axway Decision Insight.
• Catalent Biologics and Mettler-Toledo PCE partnered to provide affordable track-and-trace solutions that can be added to the former’s vial and syringe packaging suites in April 2019. Catalent has installed PCE’s Site Manager Level 3 software for managing their track-and-trace data.

In May 2019, Optel was chosen as the United States FDA’s partner for the latter’s Drug Supply Chain Security Act (DSCSA) Pilot Project Program, for the purpose of identifying and tracing prescription drugs, as they are distributed within the country.