Industry Expert Opinion: Bob Neagle
Business Unit Manager for Secondary Packaging (LCM & LPA) at Videojet Technologies
Industry analysts estimate that the pharmaceutical industry recently exceeded $1 trillion in revenues worldwide1 . Emerging markets are generating a disproportionate share of the industry’s growth so they should account for an estimated 30% of total sales by 20162 . However, a looming threat on the horizon is the growing counterfeit drug problem which, according to an estimate by the Center for Medicine in the Public Interest, already exceeds $75 billion or about 7.5% of total sales3. To secure the pharmaceutical supply chain, many pharmaceutical companies have implemented or are in the process of implementing serialized packaging solutions that provide complete traceability and supply chain security to ensure product integrity and patient safety. Precision coding and marking technology is critical to ensure accurate labeling that guarantees the success of serialization efforts and avoids the risk of product recalls and fines. Advances in labeling technology can help pharmaceutical manufacturers meet regulatory requirements while enhancing consumer safety and brand integrity.