Track-and-trace solutions provider Tracesci, which is participating in the PharmaTech exhibition in Chandigarh from 11-13 April 2023, aims to create awareness in the market about the need for intervention to arrest the alarming trend of counterfeit drugs. Tracesci advocates for the adoption of blockchain-based track and trace solutions that can provide manufacturers with 360-degree visibility and control over their supply chains.
The circulation of counterfeit drugs is detrimental to the growth of the pharma industry, and adopting anti-counterfeiting measures at the manufacturing location is crucial, the company says. The pharmaceutical industry has long been coping with the issue of counterfeit or spurious drugs, and the challenges have only been exacerbated by the disruptions caused by the Covid-19 pandemic.
According to a recent report by CRISIL-ASPA on the state of counterfeiting in India, industry insiders estimate that 0.1-3% of medicines manufactured and sold in India are duplicates, while distributors and authentication solution providers believe the number could be as high as 10-20% of the overall pharmaceutical market.
“With Tracesci, a brand can obtain an effective product authentication solution that includes tracking legitimate products throughout the supply chain, a consumer engagement app, and an efficient reporting system, all under one unique SaaS-based track-and-trace platform,” said Priyanka Rathi, DGM of Marketing & Communication at Jetsci Global & Tracesci Global.
Kunal Kothari, Product manager at Tracesci Global, added, “As a global specialist in product authentication and traceability, we are successfully fortifying governments and brands alike through our intuitive, innovative blockchain-based supply chain manufacturer interface. With Tracesci, traceability is just a tap away.”
Tracesci is present at PharmaTech & LabTech Expo in Chandigarh from 11-13 April at stand B-39, Hall no. 2.
Tracesci specializes in providing global product authentication and traceability solutions that are designed to combat illicit trade and counterfeiting. Its SaaS platform is powered by blockchain and supports both brands and governments equally. The company says it collaborates with stakeholders to create cost-effective product authentication and traceability solutions that are suitable for a wide range of industries, including pharmaceuticals, food, automobiles, clothing, tobacco, etc.