The growing adoption of high-tech development to enhance the pharma supply chain majorly drives the growth of the Epedigree software market. Moreover, increase in demand for pharmaceutical serialization, rise in demand for data security, growth in need for product tracking, prescription drug trafficking, and regulatory compliance are some of the major key driving factors of this market.
However, it can be re-used, refined, and require end-user understanding. However, low investment in anti-counterfeiting technology is expected to hinder the growth of the market. Furthermore, integration of RFID with epedigree software and growth in competition of counterfeit drug and supply chain management provide major opportunities to key players in the epedigree software market.
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COVID-19 scenario analysis:
➢ The emergence of COVID-19 pandemic has severely affected almost all the industries across the world. Further, the lockdown triggered by coronavirus has caused disruptions in all sectors. Although the pharma sector has been majorly hit, its growth is expected to resume.
➢ Pharmaceutical companies taking center stage in COVID-19, such as many organizations, are witnessing positive growth on the stock market and a new burst of innovation in the infectious disease landscape as the race for treatment approval for COVID-19 therapy takes off.
➢ The COVID–19 pandemic has disrupted supply chains across the world. Every sector, including pharma, is suffering from supply chains coming to a halt. Prices of raw materials have shot up amid limited supply, production schedules have been interrupted, factories have been shut down, and shipping costs are -high in most countries. However, India has recognized this as an opportunity to grow its robust pharma sector with proven expertise in drug manufacturing and treatment. Furthermore, this got further highlighted when the country quickly ramped up production of hydroxychloroquine, a key drug used to fight the virus..
➢ In addition, the Indian government is also accelerating the production of APIs and KSMs under the ‘Make in India’ initiative to reduce this dependence. The promotion of bulk drug parks under this initiative is expected to help India become self-sufficient in drug manufacturing from KSMs to generic formulations. ➢ Thus, to manage the function of pharma companies with increased productivity & enhanced efficiency, organizations would require maintaining their services, which can be fulfilled by the epedigree software market, which in turns, is expected to create lucrative opportunities for the market.
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By implementing product serialization, pharmaceutical companies and governments are expected to control the counterfeiting. In serialization process, a complex system is needed to maintain, track, and trace the prescription drugs through the complete supply chain. It helps to identify the product by a unique serial number, shelf life, and batch number of that product. By using the epedigree software, pharma organizations would be able to provide solutions for governments and regulatory bodies in rebutting the counterfeiting phenomenon and maintaining the integrity of the pharma value chain. Therefore, due to serialization, it is easy to tackle counterfeiting, which is driving the growth of the epedigree software market.
With the growth of the market, many global companies are planning to start their operation in the Epedigree software. The adoption of industry wide and interoperable standard for any technology should be standardized and this includes generalization of unique, serialized product tag, number reader equipment, and software for data capture and analytics.
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As technologies develop, the pharma supply chain is also moving forward to integrate these technological advancements. Organizations are adopting technologies, such as big data, machine learning, Internet of Things, cloud computing, advanced analytics, and virtual assistants, to enable and improve edge systems across pharma production and supply chain network. For example, with the help of Internet of Things, pharma companies help in manufacturing and distribution of pharma drugs, and also manage the complete process from manufacturing to the end-users. In addition, data generated by these would also be used in advanced analytics for research and to enhance the current state. Therefore, these integrations are estimated to provide lucrative opportunities for the epedigree software market.
Leading Market Players:
➢ Oracle
➢ Altair Engineering Inc.
➢ Antares Vision SpA
➢ Siemens AG
➢ Blue Yonder Group, Inc.
➢ RFXCEL CORP.
➢ SAP
➢ Axway Software SA
➢ Merit Solutions
➢ IBM Corporation
➢ Aptean
These players have adored various strategies to increase their market penetration and strengthen their position in the industry. Current and future EPedigree Software market trends are outlined to determine the overall attractiveness of the market.
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