#3 Cut complexity and reduce risks in regulatory noncompliance
The World Health Organization (WHO) estimated that 1 in 10 medical products in low- and middle-income countries is substandard or falsified. Some may contain no active ingredient; some include the wrong active ingredient or wrong amount of active ingredient.
What makes it worse, some medicines contain dangerous ingredients, such as heavy metals, highway paint, and rat poison.
Taking counterfeit medical products leads to antimicrobial resistance and drug-resistant infections or even impacts people’s health and creates new diseases. As a result, the World Health Organization (WHO) estimates that more than one million people die yearly from these fake cures.
By leveraging industry network hubs such as SAP Information Collaboration Hub for Life Sciences, pharmaceutical firms to share product information for traceability and verification across the supply network and with government regulators.
With real-time situational awareness, it’s less complicated to reduce noncompliance risk. When quality is vital, controlling every process becomes a high priority.
Awareness of every process makes it easier to identify counterfeit drugs and react faster.
Moreover, from country to country requirements for drug serialization can slightly differ. Effective tracking helps not only to regulate reporting capabilities, but also boost efficiency by ensuring greater visibility into material movements down to the sales-unit-item level.
When human life is at stake, the pressure of avoiding risks is even higher. In a world of constant disruptions, pharmaceutical companies need to stay resilient. The desire to do things better in terms of product safety and supply chain optimization should become a key priority for the pharmaceutical industry because it significantly impacts lives and provides an opportunity to increase health and happiness worldwide.