Parabellum Investments-backed Advanco and pharmaceutical packaging firm Syntegon have announced a serialization partnership to counter the growing harm of counterfeit drugs.
The OPEN SCS (Open Serialisation Communication Standard) workshop members Advanco and Syntegon, are committed to developing an open norm for the healthcare sector in the fight against counterfeit drugs.
As countries around the world struggle to recover from the pandemic, open standards for preventing the flow of fake drugs and vaccines for the treatment of COVID-19 are crucial.
The counterfeit drug market is expected to surpass $75 billion. It is estimated that 10 percent of medical products worldwide are counterfeit causing as much as one million deaths annually. This partnership aims to secure every phase of the supply chain, from the production line to the pharmacy, helping prove authenticity.
The partnership consolidates the power of Advanco’s flagship site manager system (ARC), which manages serialization and aggregation processes, with Syntegon’s machines for packaging pharmaceutical products and drugs.
Rami Cassis, CEO and founder of Dubai-based Parabellum Investments said, “Regulatory compliance for serialization is increasingly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world, positioning firms such as Advanco at the very heart of the ongoing evolution of the entire pharma industry”.
“With most developed and developing economies having either already laid out the regulatory road map for serialization, or in the process of doing so, cost and time savings will be increasingly important for the pharmaceutical industry, especially due to Covid-19”, said Alf Goebel, CEO of Advanco.
He further added that “Never has it been so important for product serialization services to work together to minimize costs for pharmaceutical companies. The advent of the virus will most certainly accelerate the implementation of agile supply chain regulation – this will require a strong industry-standard open interface and interoperability.”
Parabellum Investments, a privately owned global investment firm, owns offices in London, Dubai, Istanbul, Sydney, Frankfurt, and Brussels, and owns lower mid-market companies, mostly through its funds.
German-based Syntegon is a leading provider of processing and packaging technology. It provides intelligent and sustainable solutions to the food and pharmaceutical industries across the world as a highly trusted partner.