Verizon and rfXcel have joined forces to deliver the Verizon Intelligent Track and Trace solution, which helps monitor and trace pharmaceutical products in the supply chain and improve overall patient safety.
The rfXcel traceability system platform enables pharmaceutical manufacturers to provide real-time monitoring of product temperatures, location and other key product attributes anywhere along the pharmaceutical supply chain.
Verizon Intelligent Track and Trace can also create, manage, allocate and store large volumes of individual and hierarchical serial numbers to provide visibility and control and help detect counterfeit drugs more easily.
Verizon’s Intelligent Track and Trace solution will help address some of the pharmaceutical industry’s biggest issues, according to the firm, such as theft, channel diversion, counterfeiting and safe handling.
The World Health Organization estimates 10 to 15 percent of the world’s drug supply is counterfeit, with counterfeit drugs in the US approximately 1 percent and in some countries, the estimate is as high as 50 percent.
According to American Health & Drug Benefits, the value of the counterfeit drug market is $75 billion annually, leading to more than 100,000 patient deaths.
The solution delivers a host of benefits to pharmaceutical and healthcare clients, including: the supply of chain management; improved patient safety, and compliance with government regulations.
“The partnership between Verizon and rfXcel delivers tight integration between our products and leverages the vast Verizon network to provide unique benefits and real-time monitoring of product to secure the pharmaceutical supply chain,” said Glenn Abood, chairman and chief executive officer of rfXcel. “We’re both committed to making the drug supply chain safer and more secure for patients.”
Tom Villa, director of product development at Verizon, added: “Our Intelligent Track and Trace solution is yet another example of internet of things (IoT) technology at work to solve real-world issues in a simplified way for customers. The rfXcel platform seamlessly addresses the current and impending needs of pharmaceutical industry.”
Verizon, rfXcel, Healthcare, Patient safety, Pharmaceutical, Tracking, Verizon Intelligent Track and Trace, Glenn Abood, Tom Villa, US