The global track and trace solutions market is expected to witness a CAGR of 18.5%, according to the new report by Grand View Research, Inc. One of the key hindrances faced by large-scale biopharmaceutical and pharmaceutical companies is drug counterfeiting. To enhance brand recognition, companies are promoting market adoption in supply-chain monitoring. Counterfeiting can range from mislabeled medication which can lead to dangerous practices of retailing medication or an excessive amount of active ingredient.
The market is driven by factors such as increasing number of pharmaceutical companies, lack of common serialization standards, and as high costs associated with serialization. Also, increasing issues regarding drug counterfeit and a need for rolling out a structured regulatory framework are anticipated to garner growth. Therefore, several companies are adoption market solutions especially in countries like India, Africa, and other middle-income countries where drug counterfeiting is a key problem faced by the local biopharmaceuticals companies. According to a 2019 report by the United States Trade Representative (USTR), more than 20% of the sold drugs in India were counterfeit. In July 2019, the Therapeutic Goods Administration (TGA) put forth a new regulatory framework on product coding in order to ensure medical integrity in Australia.
Get Details For “Sample Report, TOC, Segmentation & methodology of Track And Trace Solutions Market” Click Link Below: https://www.grandviewresearch.com/industry-analysis/track-trace-solutions-market
Covid-19 Effect:
Further findings from the report suggest:
Would you Like to Take a Look On “Sample Report” of Track And Trace Solutions Market Click the Link Below: https://www.grandviewresearch.com/industry-analysis/track-trace-solutions-market/request/rs1
Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/3404/ibb
Major Players:
Request Customization Report@ https://www.grandviewresearch.com/request-for-customization/3404/rfc1
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/track-trace-solutions-market