Bascom Research, a wholly-owned subsidiary of Lexington Technology Group, headquartered in McLean, VA, is a software development company focused on applying computational and data structures to complex data sets in the medical field.
Market: Counterfeit and diverted pharmaceutical merchandise represents an annual, worldwide revenue loss of between $24 and $49 billion, and the loss is growing by 6–8% per year. Liability issues are the responsibility of the original pharmaceutical manufacturer, adding substantial insurance, recall, and brand-erosion costs to direct revenue losses.
Increasing public health concerns and international instability have compounded the urgency to adopt technologies to diminish the growing global problem of counterfeiting and product diversion. Several states have already legislated pedigree laws as a combative measure. The U.S. Food and Drug Administration (FDA) has published track-and-trace guidelines and is expected to introduce mandatory requirements soon.
In addition to facing steep revenue losses from counterfeiting and product diversion, the pharmaceutical industry is under constant pressure to improve profitability margins and reduce costs.
Proposed solution: Combining track-and-trace with secure printing
Pharmaceutical manufacturers are able to dramatically improve the safeguarding of their products from counterfeiting and diversion when using track-and-trace and secure printing together. By combining bar codes with RFID technology, track-and-trace could allow supply chain stakeholders to authenticate products by efficiently tracking products to their origin and verifying the history of even the smallest package.
Secure printing can close the gaps in the track-and-trace network and complement track-and-trace information to provide more authentication capabilities to stakeholders. Variable authentication features can be stored in the pedigree databases, which adds another authentication dimension to each object’s recorded history. When secure printing techniques are utilized in the printing of barcodes, counterfeiting becomes more difficult and costly.
Combining track-and-trace with secure printing dramatically improves protection against counterfeiting and increases efficiencies in product recalls and other supply chain challenges.