09 Apr
Global Healthcare Track and Trace Solution market is projected to reach US$ 6413.5 million in 2029, increasing from US$ 2641 million in 2022, with a CAGR of 13.5% from 2023 to 2029. Key factors contributing to the surging demand for healthcare track-and-trace solutions include:
- Growing Healthcare Assets: Healthcare organizations manage and monitor vast numbers of healthcare and pharmaceutical assets, drugs, and types of equipment. Manual tracking through spreadsheets or paper creates complexity and consumes time to monitor the location, status, and condition of each asset.
- Counterfeit Drugs and Sub-standard Equipment: With the rise of counterfeited drugs and medical equipment available that can compromise the lives of patients, healthcare organizations have started to implement advanced track-and-trace solutions for secure healthcare and pharmaceutical products authentication and supply chain movement and visibility.
- Digital Product Passports: A Digital Product Passport creates a digital twin of a physical product, securely documenting events, transactions, and sustainability-related details throughout its lifecycle. Both consumers and regulators require this data, which healthcare organizations can only obtain through a track-and-trace solution.
- Farm-to-Fork Strategy: The track-and-trace solutions work on the “farm-to-fork” strategy. They enable relevant stakeholders to trace medical products' journeys from their origin to consumption, help identify and address potential risks, improve efficiency, and build trust among consumers regarding the safety, sustainability, authenticity, and integrity of the products.
The concept of white-labeling offers businesses a promising opportunity to elevate their offerings with minimal investment. As the healthcare and pharmaceutical sector undergoes constant evolution, counterfeit attacks, and increased competition, adopting white-label solutions becomes a strategic move to expedite product launches.
Throughout this comprehensive blog series, we provide a practical guide to help businesses select the most suitable healthcare and life sciences track & trace solution for their specific needs.
This blog post discusses white-label solutions, highlighting their advantages and disadvantages, and explores strategies for leveraging them to market successful, scalable, and secure products.
White-Label Solutions:
A white-label track & trace solution offers a pre-built platform developed by one company, rebranded, and distributed under another company’s name. These solutions are highly customizable, catering to various needs, from software applications to multiple systems. They are commonly delivered under the software as a service (SaaS) model, granting businesses access to advanced track & trace platforms for healthcare and pharmaceutical industries without the need for in-house development.
These services also include marketing solutions, customer support and customer engagement, logistics services, warranty product registration management, and product recall management.
Modern track & trace solutions must possess versatility, meeting present needs and future demands. For example, while a company may currently use variable QR codes, it may eventually require handling multiple codes, NFC tags, or diverse RFID tags. This adaptability ensures compliance with evolving regulations and maximizes operational efficiencies inherent in a well-designed track-and-trace platform.
While end users of the track and trace platform may be unaware of the white-label arrangement, it’s essential to implement measures to safeguard the integrity of the relationship and prevent service disruptions or potential customer confusion.
Benefits of Utilizing White-Label Solutions:
- Streamlined Market Entry: Ideal for startups and small businesses, white-labeling provides access to market-ready solutions. Several white-label companies also offer rapid AI deployment services under the out-of-the-box AI model within days. Get rapid AI deployment services from us now.
- Mitigated Product Failure Risk: By obtaining products from reliable manufacturers, businesses minimize the risk of product failures, ensuring consistent quality and reliability.
- Reinforced Brand Identity: White-label solutions enable businesses to offer high-quality products and services under their brand, fostering consumer trust and credibility. This strategic approach distinguishes companies from competitors, establishing them as industry leaders.
- Amplified Focus on Marketing and Sales: With production outsourced via white-labeling, companies can allocate resources and time towards optimizing marketing and sales strategies, fueling business growth.
- Cost-Effective Production: White-labeling offers cost savings compared to in-house production, allowing companies to expand product offerings and market reach while maintaining profitability.
- Scalability: White-label platforms are scalable, allowing businesses to easily accommodate growth and increased demand without significant disruptions.
- Enhanced Customer Experience: With real-time tracking capabilities, businesses can provide customers with accurate and up-to-date information about their orders, leading to improved satisfaction and loyalty.
- Flexibility and Adaptability: White-label platforms can be customized to meet the specific needs and requirements of different industries and business models.
Challenges of White-Label Solutions:
- Limited Customization: White-label solutions may lack the flexibility to fully align with unique business needs and branding requirements, potentially limiting customization options.
- Dependency on Provider: Businesses utilizing white-label solutions depend on the provider’s performance and reliability. Thus, it’s crucial to choose a reputable and dependable provider.
- Potential Brand Dilution: Shared branding in white-label solutions poses a risk of diluting the company’s brand identity and differentiation in the market, impacting brand perception.
- Limited Control: Businesses may have restricted control over product updates, feature additions, and customization options, potentially hindering adaptability and responsiveness to changing needs.
White-Label Healthcare and Pharmaceutical Track & Trace Platform Overview:
White-label solutions are a great option for selling your customers a ready-made healthcare and pharmaceutical track-and-trace platform. Your white-label solution provider should give you the following service offerings for the healthcare, medical, and life sciences authentication track & trace platform:
- A Track and Trace platform
- Drug import & export raw material management system
- Products’ integrated safety analysis management system
- Product history documentation management system
- Logistics & e-Logistics Management System
- Item level tracking solution
- Retail management system
- Inventory management solution
- Warehouse management solution
- AI-powered Consumer behavior analysis and reporting system
- AI-powered geolocation tracking system
- AI-powered fraud detection system
- Product management and landing management systems
- End customer authentication system
- Order management system
- Customer relationship management system
- User permission management system
Features of White-Label Product & Document Authentication Track & Trace Platform:
- Real-time Information: Utilize data-capturing devices like RFID readers and barcode scanners to gather up-to-date healthcare product information.
- Customer Support: Access crucial business data 24/7 for effective business status reporting.
- Global Visibility: Utilize EPCglobal standard-based network infrastructure globally, ensuring supply chain visibility for global trading partners.
- Lower Total Cost of Ownership: Cloud-based track & trace platform eliminates the need for additional IT infrastructure investment.
- Scalability: EPCglobal standard-based network infrastructure solution offers full scalability and upgradeability for added services and technologies.
- API Integration: Supports integration with other e-commerce platforms, ERP systems, and third-party applications for seamless data exchange and workflow automation.
- Security and Compliance: Implements robust security measures to protect sensitive shipment data and ensure compliance with industry regulations.
- Interoperability: Fully interoperable with existing workflows.
- High security throughout the supply chain: Monitor the supply chain closely, accurately, and securely by employing Permission or role-based user management, continuous monitoring, and remote device control and device management systems.
Product efficiencies of white-label healthcare and pharmaceutical track-and-trace platforms should include the following:
- Ensuring precise management of raw material processes
- Verifying product authenticity at the item/dose level
- Tracking processed products accurately
- Managing recalls effectively
- Handling returns efficiently
- Distributing sample products accurately
- Accelerating receiving, processing, and replenishment times
- Minimizing infiltration of counterfeit pharmaceuticals
- Decreasing errors
- Offering precise auditing and inventory forecasting
- Minimizing inventory management expenses
- Decreasing stock levels
- Eliminating manual checks for warehousing support
- Lowering product recall costs
- Facilitating documentation of manufacturing and process details for adherence to regulatory track and trace protocols.
- Enabling integration under industry or government regulatory standards and guidelines.
Factors to Consider When Choosing the White-Label Partner:
- Data Storage Location Flexibility: The white-label healthcare and pharmaceutical track & trace platform provider should be able to store data in the end-user country by deploying their platform within the respective country.
- Unauthorized Data Access Prevention: The white-label healthcare and pharmaceutical track & trace platform provider must implement data-label classification, segregation of duties, and separation of developer, staging, and production server processes to reduce risks related to unauthorized data access.
- Highest Cybersecurity: The white-label healthcare and pharmaceutical track & trace solution provider should conduct frequent cybersecurity assessments, controlled access protocols, incident management, and monitoring to ensure the highest cybersecurity for the cloud-hosted track & trace platform.
- Maintenance and Support: The white-label solution provider must offer consistent support, software maintenance, and updates while safeguarding the data privacy and security of the platform, end-users, and all stakeholders involved.
- Different Pricing Models: The white-label solution provider should have different and flexible pricing models to accommodate the unique needs of each business.
- Strict with Protocols: The white-label solution provider must adhere to strict protocols, procedures, and policies to ensure that their solution complies with relevant data protection regulations applicable to their customers and the healthcare industry.
Ready To Get Ahead of Your Competitors With a White-Label Healthcare and Pharmaceutical Track & Trace Platform?
Contact HealthMatriX today to explore how we can develop a highly scalable, cyber-secure, flexible, and customizable track-and-trace platform for your needs. With our continuous software support, you can confidently focus on marketing and selling the platform to your customers.
Contact us today to get started on your exponential business success journey!
About HealthMatriX Technologies Limited
HealthMatriX Technologies Limited provides AI-enabled anti-counterfeit QR codes, NFC/UHF tags, and cutting-edge technology development solutions to protect the products and documents for the healthcare and life science sectors. HealthMatriX also provides tamper-evident physical products, highly advanced AI-automated software integrations, and white-label solutions. Our cybersecure, data-protected, standardized, and innovative solutions help safeguard healthcare brands, products, solutions, and documents from unauthorized reproduction and duplication.
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HealthMatriX Technologies Limited
Unit 8, 18/F, Workingfield Commercial Building, 408-412 Jaffe Road, Wanchai, Hong Kong +852 2523 9959HealthMatriX Technologies Pte. Ltd.
192, Waterloo Street, #05-01 Skyline Building Singapore 187966© 2022 HealthMatriX Technologies Pte. Ltd. All rights reserved.
HealthMatriX provides AI-enabled anti-counterfeit QR codes, NFC/UHF tags, and cutting-edge technology development solutions to protect the products and documents for the health sector. HealthMatriX also provides tamper-evident physical products highly advanced AI-automated software integrations and white-label solutions.
About Us
Help
Contact Info
HealthMatriX Technologies
[email protected]HealthMatriX Technologies
Unit 8, 18/F, Workingfield Commercial Building, 408-412 Jaffe Road, Wanchai, Hong Kong+852 2523 9959
© 2024 HealthMatriX Technologies. All rights reserved.