While counterfeit products are a reality for every industry, fake drugs in the world of pharma can have harmful consequences for consumers as well as brands.
Counterfeit products pose one of the biggest threats to brands, no matter the industry. But security threats in the supply chain for pharmaceutical companies are especially high because so much is at stake both for the safety of pharma brands and their consumers. Any kind of counterfeit medication is unsafe and can impact large populations of patients. Because risks are especially high in this industry, pharmaceutical product and brand protection are more important now than ever.
OECD data shows that fake goods now make up 3.3 percent of world trade, and that number continues to rise. Pharmaceuticals make up 2 percent of those counterfeit and pirated goods (footwear leads at 22 percent).
With the right product and brand value protection tactics in place, pharmaceutical companies can reduce the risk of their drugs appearing on the counterfeit market and protect their customers from the danger these criminal activities pose. Here is what these concepts look like in the pharma industry and how U-NICA’s brand value and product protection solutions can help.
Protecting pharma brand value
It’s crucial for pharmaceutical companies to have a comprehensive brand value protection plan in place to combat brand abuse and product counterfeiting. Brand value protection relates to monetary value for pharma companies, but it also contributes to the value of a company’s reputation, integrity and quality of products. Without the right brand protection strategy, consumers won’t trust your products, which is a requirement for pharmaceutical companies to be successful and increase revenue.
Brand value protection should be a consideration before a new drug is introduced to the market. Research and monitoring need to be done about the active ingredients in the new product and whether these ingredients are being used in approved ways.
Other areas brand value protection addresses include the handling of sensitive files and information, brand communication techniques, the auditing of partners and vendors, the point of sale, product distribution, and compliance activities.
Integrating product protection
Within the umbrella of brand value protection is product protection. While every industry experiences some level of counterfeiting, the distribution of fake drugs is a serious matter that can have very negative consequences for patients. For example, counterfeit products may contain ingredients that haven’t been approved by the FDA and thus shouldn’t be sold. Such fake products reduce the credibility of the real brand and damage its overall value and reputation. The two go hand in hand.
Product protection requires the use of labels that are counterfeit-proof, improved product tracking strategies, and the protection of any proprietary knowledge or technologies that go into the manufacture and packaging of the product. The ability to easily, and profitably, make a copy of the product can essentially be removed when the right product protection strategy is put in place.
These considerations lead to a failsafe authentication process, which is a requirement for successful anti-counterfeiting in the pharma industry. One protection strategy on its own is not enough to combat the distribution of fake drugs on the market. Instead, a comprehensive plan must include both product protection and brand value protection to fully secure your pharmaceutical company.
U-NICA’s scryptoTRACE® solution
The scryptoTRACE® suite from U-NICA provides the holistic solution you need in the complex pharmaceutical industry. This tool provides a method that incorporates both brand value protection and product protection, allowing you to slowly introduce the technology to just one product or in just one market and gradually increase usage. This feature allows you to scale when you’re ready, starting small and building your way up. scryptoTRACE® also connects your online brand and product protection with physical anti-counterfeit measures.
This solution has an open server that allows you to actively manage your customized brand protection techniques, and it’s integrated with all your existing business systems and processes. For product verification, authentication and user engagement, the simple smartphone app allows Identifying markers on your products or packaging to be instantly recognized by brand agents and even customers. scryptoTRACE® also provides real-time data so you can make instant decisions and plan more effectively for the future.
scryptoTRACE® is a simple solution to integrate into your pharmaceutical enterprise. It’s built with real-time verification data, and the tool gives you an easy, customizable way to engage with customers. It also gives you the control you need to adapt your product protection strategies in an instant when changing market conditions arise.
To learn more about scryptoTRACE® and how we approach brand value and product protection for the pharmaceutical industry, get in contact with the U-NICA team today.