January 31, 2019
With continued growth in manufacturing of products in industries such as healthcare and pharmaceuticals, experts expect the counterfeiting market to follow. According to Markets and Markets, Anti-Counterfeiting are experiencing high demand from these industries. In industries such as these, it is crucial for the manufacturers to ensure that their product is not compromised. All industries have a certain level of accountability to maintain the quality of their product and brand, however, the health concerns in the healthcare and pharmaceuticals give them a higher level of accountability. The safety risk involved in the tampering of healthcare and pharmaceutical packaging is much higher than other industries have much more severe consequences.
The risk involved in healthcare packaging leaves healthcare product manufactures to ensure that their distribution channel is without flaw. This includes knowing where your product is manufactured, where and how it is distributed, and everyone who may touch it along the way. Having a strong understanding of how your product moves along the supply chain will help prevent the product from gray market diversion.
Gray market diversion refers to “legal goods” which are sold outside normal distribution channels by companies which may have no relationship with the producer of the goods, according to Cyber Investigation Services. The reason that gray market diversion is such a high-level risk in the healthcare and pharmaceutical industries is that the end user of the product could be at a major health risk if they receive a tampered product. It is the responsibility of healthcare and pharmaceutical manufacturers to ensure that their product is delivered through a safe and secure supply chain. The potential risks of negligence include loss of reputation of your brand, loss of profit to the gray market, and health concerns of the end-user.
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