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The RFID Market Outlook: New Applications, Best Practices and Future Profit Opportunities
Business Insights, July 2005, Pages: 126
Sample information from the report
Chapter 4: RFID by Industry
Pharmaceuticals
Traditionally, pharma companies have been immune from the business pressures that typically affect organizations in many other vertical sectors. Historically, they have enjoyed double digit growth and sales while comfortably meeting the demands of the impatient investor community. They have also leveraged technology to drive drug development and manufacturing. However, a siloed approach to the adoption of technology, coupled with rife M&A activity over the years, has left the majority of big pharma organizations with some serious business and technological challenges ahead, such as:
- Addressing the R&D productivity crisis and bolstering pipelines with new drugs, as well as combating the impact of genetic and counterfeit drugs;
- Combining conflicting business models of convergence and globalization to cut costs and enable the streamlining of business processes to provide a framework that allows pharma companies to take a global approach, while also appreciating the needs of the local market;
- Revising technology adoption strategies to enable visibility and transparency throughout the extended value chain, especially as pharma companies collaborate with biotechs and adopt a 'networked pharma' approach.
RFID technology could certainly play a valuable role in this industry - not only in helping secure the supply chain and reduce counterfeiting, but also in improving the speed at which goods flow through the supply chain.
Approach to RFID
Uncertainty surrounds the universal adoption of RFID technology in the pharma sector. This is revealed in the results of a survey of industry professionals from pharma, biotech and generics companies. When asked of their company's plans to integrate RFID technology into products within the next two and five years, 56% of companies overall had no plans to introduce RFID within the next two years -although there is a consensus that within five years this will start to change - and 78% of respondents replied that there were either concrete plans or a possibility of their company introducing RFID in this timeframe.
As expected, it is the large pharma companies who are leading the way in the adoption of RFID, with 17% planning to introduce RFID to all products within two years. At the five-year stage, it is the generic and biotech companies that appear most enthusiastic about RFID, most likely because of the expectation that the technology will be relatively widespread and cheaper by 2010.
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