The IoT’s prominent role in assisting pharmaceutical companies to meet increasing stringent regulations

The pharmaceutical industry is one of the most profitable markets, making an annual USD $934.8 billion, as reported by the MarketResearch.com. With such high demand, the pharmaceutical industry faces a number of increasingly stringent regulations that they must abide by. Due to the sensitive nature of pharmaceuticals, all regulations must be followed by global standards. The United States FDA enacted the Drug Supply Chain Security Act in 2015, to establish the mandatory tracking of all pharmaceutical goods from 2023 onwards. Pharmaceutical companies will be faced with fines enforced by the government if issues of non-compliance occur. The monitoring and tracking of pharmaceutical goods are becoming more regulated to ensure the safety of global consumers. Therefore, it is imperative to ensure reliable and effective supply chain traceability processes are in place to meet strict regulations and requirements. 

Pharmaceuticals are one of the most sensitive goods in transport as their viability can be compromised by a variety of factors. Most pharmaceutical drugs must be kept at a consistent temperature of 2-8 degrees Celsius to preserve its effectiveness according to Med Angel. Pharmaceuticals that experience temperature excursions can compromise their efficacy. IoT assisted technology can resolve many of the issues that occur during transportation due to lack of visibility. 

Unlike other goods, the contamination of pharmaceuticals is more dangerous. Contamination greatly reduces the effectiveness of the medication, making the consistent end-to-end monitoring of pharmaceuticals imperative to maintaining the industry’s growing revenue levels. Like America, Australia also imposes strict regulations for the pharmaceutical industry to ensure pharmaceuticals are being handled and stored correctly. The Australian code of good wholesaling practice for medicines sets out guidelines that must be followed by all third-party associations such as suppliers when importing and exporting pharmaceutical goods to Australia. The guideline dictates that stringent pharmaceutical traceability must be present during the supply chain process. 

Adapt Ideations’ digital asset tracking solution KELVIN Pro, offers a solution to meet the strict regulations faced by the pharmaceutical industry. Adapt Ideations IoT enabled asset tracker offers a holistic solution to companies in increasing their end-to-end visibility, and monitoring of consignments. By utilising IoT technology, the asset tracking solution, KELVIN Pro can monitor location, light, temperature and shock which sends near real-time alerts if there are violations of set parameters. 

By simply placing the IoT enhanced monitoring solution inside the packaging with the products, businesses will receive near real-time data allowing them to quickly address any issues that may occur. Furthermore, its geo-fencing capabilities, allows parameters to be set allowing notifications to be sent when a consignment enters or leaves a set area. Stolen pharmaceuticals cost the industry $30 billion annually, as reported by Safe Medicines. This issue can be addressed by increasing monitoring capabilities in the transportation process. Adapt Ideations’ asset tracking solution KELVIN Pro is a suitable solution to challenges that arise in the pharmaceutical industry due to increasing stringent regulations and supply chain visibility requirements. 

Get in touch today to enquire about our IoT enabled asset tracker and how it can benefit your business at enquiries@adaptideations.com.