Pharma Regulations Drive Growth
However the company's business vision does not stop at the boundaries of the pharmaceutical industry. Between now and 2020, CEO Emidio Zorzella intends to expand serialization into other markets, e.g. industries such as medical equipment, food & beverage and cosmetics. But why should these industries introduce the same paradigm change as the pharmaceutical industry? Dirk Hendrik Kneusels, Head of Antares Vision's German subsidiary, cites five key reasons:
- Regulatory compliance: Some countries have introduced laws which apply to specific food categories, for example baby food in China. Strict rules have been also defined for tobacco in the European Directive 2014/40/EU requiring among other things an interoperable track & trace system.
- Brand Protection: Product counterfeiting causes financial losses running in the billions at German companies and erodes confidence in the brand. In addition, serialization and aggregation facilitate selective recalls and reduce associated costs.
- Consumer Protection: There is a current trend to protect specific food products, for example to reduce allergy risks by making provision of information about the ingredients mandatory.
- Margin Protection: The cosmetic industry is already applying serial numbers to high-value products to protect their retail chain.
- Extraction of Information: Serialization provides access to a wealth of data.