WHY ARE REGULATIONS IMPORTANT ?
Approximately two billion people worldwide lack access to necessary medication and vaccines, according to the World Health Organization. Unfortunately, such a vacuum is often filled with falsified or substandard products.
The problem is exacerbated primarily by two factors. Firstly, healthcare supply chains have become too complex. Today, it’s possible for a product manufactured in one country to be packaged in another country and sold in a third. Secondly, the growth of e-commerce has made it easy for consumers to purchase “medication” online, often from unauthorized sources.
Counterfeit drugs can harm not only the user’s physical and mental health, but also their financial health, and erode their trust in the healthcare system. Fortunately, many national governments have taken active steps to address the issue.
ROLE OF COMPLIANCE
Compliance is paramount in the pharmaceutical industry yet achieving and maintaining compliance can often pose significant challenges. It is a fundamental aspect of companies’ operations as it underpins essential elements such as :
- Product Safety
- Brand protection
- Regulatory approvals
- Product quality
These elements ensure companies a strong and enduring market presence.
The pharmaceutical industry is highly regulated, with many layers of compliance to prevent product tampering and, ultimately, save on costs. However, companies can only truly reap these rewards if they carefully select serialization partners and solutions.
