Navigation Links
RFID Promises Cost-Savings, Increased Efficiency for Pharma
Date:3/4/2008

NEW YORK, March 4 /PRNewswire/ -- The market for RFID applications in pharmaceuticals, with revenues of $35 million in 2006, is conservatively estimated to reach $600 million by 2012, with a CAGR of 60%. One quarter of the major pharmaceutical companies are expected to implement large scale RFID projects to reduce costs, improve inventory control, track clinical trials and manage samples, according to a new market study by Kalorama Information, RFID in Pharmaceutical Manufacturing.

With the total pharmaceutical market expected to hit $1 trillion by 2020, doubling from 2005 levels, the FDA and state governments are requiring additional product tracking to curb counterfeit drugs and improve patient safety and product integrity. RFID is positioned to be a top solution to help companies efficiently cope with the changing structure of the industry.

The adoption of RFID is being driven by two important factors: a huge drop in hardware prices (about 80% since 2000) and the promise of major cost-savings. With the implementation of RFID, large manufacturers can save $17-55 million annually, while large distributors can save about $10 million. In addition, as much as 40% of inventory can be managed more efficiently.

"Drugs change hands at various points in the pharmaceutical supply chain -- in the packaging operation, at the distributors, retail pharmacies and hospitals," notes Bruce Carlson, publisher of Kalorama Information. "Each transaction carries risk of counterfeiting, dilution or diversion, which lead to fatal ramifications such as improper doses, contamination and incorrect ingredients. RFID is a means of reducing these risks."

Kalorama Information's report RFID in Pharmaceutical Manufacturing analyzes the current and potential market and opportunities in the U.S. for RFID in pharmaceutical manufacturing and distribution, including the cost of implementation, key market trends and dynamics and customer preferences. Various solutions are provided for the main segments of the healthcare industry: hospitals, nursing homes, pharmaceutical manufacturers, distributors and pharmacies. The information presented is the result of primary research interviews conducted with industry executives, as well as data gathered through secondary research. The report can be purchased directly from Kalorama Information by visiting http://www.kaloramainformation.com/RFID-Pharmaceutical-Manufacturing-161409 2/

About Kalorama Information

Kalorama Information supplies the latest in independent market research in the life sciences, as well as a full range of custom research services. For more information, contact Andrea Hiller at 212-807-2673 or press@kaloramainformation.com, or visit http://www.kaloramaInformation.com.


'/>"/>
SOURCE Kalorama Information
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. By color-coding atoms, new Cornell electron microscope promises big advance in materials analysis
2. UCF technique promises to aid doctors ability to identify, treat bacterial infections
3. Hopes, Predictions and Realities: Is Biomedical Research Delivering On Its Promises?
4. Cell growth technology promises more successful drug development
5. New way to diagnose Alzheimers disease promises earlier treatment
6. Lupus Advocates Seek Increased Federal Response to Life-Changing, Life-Threatening Disease Affecting 1.5 Million Americans
7. Drugs used for cancer-associated anemia linked with increased risk of blood clots, death
8. Patient Alert: New Study Finds Most Organ Transplant Patients Are Unaware of Their Increased Risk for Skin Cancer
9. New Study Finds Frequent Hand Washing Puts Health Care Workers at Increased Risk for Irritant Contact Dermatitis
10. Novo Nordisk Increased Net Profit by 32% in 2007
11. AdvaMed Supports Increased Funding for FDA
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/5/2016)... ... 2016 , ... For many years, Andrew G. Zubinas has accumulated ... beauty of the Lithuanian language and its poetry inspired him in writing ... lyrically explores all aspects of a living, breathing forest where nothing ever stays the ...
(Date:12/5/2016)... ... December 05, 2016 , ... T.E.N., ... that nominations will be accepted from December 5, 2016 through March 3, ... include the Information Security Executive® of the Year, which recognizes executives who ...
(Date:12/5/2016)... ... December 05, 2016 , ... Worldwise ®, a ... design firm kathy ireland® Worldwide for five additional years, announced by Kevin Fick, ... exclusive licensing agreement three years ago to design and develop the kathy ireland® ...
(Date:12/5/2016)... York, NY (PRWEB) , ... December 05, 2016 ... ... companies to use a patent-pending blend of L-Citrulline and glutathione to enhance production ... Blend, a combination that studies have shown to produce NO twice as effectively ...
(Date:12/5/2016)... Nashville, Tennessee (PRWEB) , ... ... ... leader in strategic interoperability, today announced that the company will provide alerting ... platform. CIHIE has been recently awarded $1.7 million in federal funds as ...
Breaking Medicine News(10 mins):
(Date:12/5/2016)...  Recently Zymo Research announced an exclusive license ... Horvath,s Clock. Based on this technology, Zymo Research ... academic and biopharma scientific researchers to determine the ... sperm. The service quantifies changes in ... chronological age following drug treatments and identifies disease ...
(Date:12/5/2016)... , Dec. 5, 2016  BD (Becton, Dickinson and ... medical technology company, will demonstrate an enhanced technology platform ... technologies, including the company,s leading Pyxis™ and Alaris™ systems, ... (ASHP) 2016 Midyear Meeting being held in ... While national data show that approximately 68 percent ...
(Date:12/5/2016)... 5, 2016 Research and Markets has announced ... Test Market Size, Share, Development, Growth and Demand Forecast to 2022" ... ... female fertility and pregnancy rapid test market is expected to grow ... and pregnancy rapid test market is witnessing high growth, due to ...
Breaking Medicine Technology: