Smart Labels play a critical role in the manufacturing of pharmaceuticals. some of the ways in which smart labels can aid the pharmaceutical production process include enhancing productivity and accuracy, managing inventory, and maintaining the quality of products.

Smart labels market size is estimated to be $3.7 million in 2023 (for healthcare and pharmaceutical industry) and is anticipated to grow at a CAGR of 16% during the forecast period from 2024 to 2035. 

The adoption of smart pharmaceutical labels by the pharmaceutical industry can eliminate the aforementioned concerns that are currently faced by the healthcare sector. A pictorial summary, highlighting the advantages of smart labels.

Some benefits of using smart labels in the healthcare sector are briefly described below.

Clinical Trial Labelling: The tracking of medication consumption during clinical phase testing processes can be improved using the smart label technology. This can also enable the Food and Drug Administration (FDA) of the United States to enhance the efficiency of the drug approval process and decrease the time required for the same, by improving tracking and accountability.

Inventory Management: In order to gain an accurate insight on inventory, manufacturers required enhances visibility throughout the supply chain. Lack of such visibility can often lead to multiple challenges, including increased inventory. On the other hand, use of smart labels can mitigate this challenge, eventually enabling reduction in overall costs.

Medical Device and Asset Tracking: RFID offers a wide range of possible applications for the medical device industry. Medical device manufacturers are required by the FDA to be able to identify each item by a unique serial number, as device recalls might happen more than 50% of the time. Therefore, medical device producers need to exercise more control over implants that are on consignment with the hospitals. Faster redeployment would be possible with RFID technology that enhances visibility into returns, as the business is more aware of when an unused product might be returned.

Patient Tracking: In case of medical emergencies, when immediate treatment is required, smart label equipped patient badges can help in patient identification in order to ensure safety of patients.

Product Tracking: Currently, hospitals and industry stakeholders are required to keep track of radioactive isotopes wherever they are located, from storage to transit to administration to disposal. These processes may be automated with RFID tags and scanners, saving time and resources. Seal integrity for containers and individual items may be checked with active RFID tags that have read / write capability. Even issues that arise in the middle of a shipment can be identified due to the tag's ability to record the timing and length of seal loss.

Supply Chain Tracking:  Smart label tracking across the supply chain provides businesses with the knowledge of the whole sourcing and product path and aids in preventing grey market diversion, selling of goods by unauthorized reseller.

Smart Pharmaceutical and Healthcare Labels Providers - Current Market Landscape

During our research, most of the players (47) engaged in this domain were established before 2001. Notable examples include (established pre-2001; in reverse chronological order of year of establishment) Impinj (2000), Fresenius Kabi (1999), Alien Technology (1994) and Omnicell (1992). Further, since 2011, nearly 20 firms have been established.

It is worth highlighting that, most of the smart pharmaceutical and healthcare label providers market is presently dominated by the presence of mid-sized players (37) and small companies (34). Examples of very large players engaged in this domain include (in alphabetical order) Avery Dennison, CCL Industries and Multi-Color Corporation.

Smart Label providers are continuously upgrading their existing portfolio and are seeking investments, as well as expanding their intellectual capital, in order to gain an edge in this competitive industry.

Based on our proprietary scoring criteria, Murata emerged as the most prominent player in this domain. It is worth mentioning that Murata claims to offer labels for supply chain management, asset tracking and patient tracking. Further, companies, such as (in decreasing order of number of area(s) of application) Omnia Technologies (3), Tadbik (2) and Electro-Com (2), were also observed to offer RFID systems with high number of frequency bands.

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