SRAP's progress beyond the state-of-the-art is very significant as it is the only authentication system capable of verifying product along the supply chain in a non-destructive manner. SRAP's impact at EU level (and worldwide) can be massive in the sense that it is a widely shared opinion in this industry that up to 1% (some even think up to 2% or more) of FMD-coded products will have to be recalled on a rolling basis because of coding inconsistencies. Using a conservative number for the annual turnover in solid dosage forms in Europe (106 bn EUR per year), this would mean that up to 1,06 billion EUR worth of solid dosage forms may be threatened with destruction as a result. Worldwide turnover in solid dosage forms now stands at EUR 425 billion p.a. meaning that SRAP can potentially avoid the recall and partial destruction of up to 4.25 bn EUR worth of dosage forms each year. The growth potential is also huge, both in terms of geographical expansion (markets beyond Europe) and also because the solid dosage form market is seen by experts to grow at a CAGR of over 6.5% annually during the next ten years.
SRAP also shows applicability in other product markets (like OTC-drugs and nutraceuticals) where turnover is actually much higher than the turnover in prescription pharma dosage forms – and those markets also grow faster (up to 10% p.a.).
The results of this SMEI Phase 1 project show considerable promise for the worldwide application of SRAP which will create a very positive impact in the fight against counterfeit medicines, tampering, and diversion that plague the pharmaceutical industry today. As a consequence, very significant additional protection will be provided for patients.
