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Know About Covid-19 Impact on Track and Trace Solutions Market | Insights on Size, Share, Demand, Trends & Key Players
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Rigorous standards and regulations for the implementation of serialization are driving the track and trace solutions market, globally. Several countries are mandating the usage of traceable serial number on each product produced, in order to target counterfeiting and other related issues. For instance, according to the European Union (EU) Falsified Medicines Directive 2011/62/EU, from February 2019, it is mandatory for all pharmaceutical manufacturers to deploy unique and traceable serial numbers to each of the company's manufactured products and packaging units.
High cost related with setting up and implementation of the track and trace solutions is a major challenge for the growth of the track and trace solutions market. Several pharmaceutical companies operate on traditional system architectures, which results in requirement of high grade of system customization in order to implement these solutions. Such customizations generate substantial increase in capital cost; hereby, several companies prefer not to adopt track and trace solutions.
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This market research report provides a comprehensive overview of the track and trace solutions market
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Major players operating in the market and their service offerings
* Recent strategic developments by the major players in the market
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