- As competition grows, an increase in remote monitoring through the Industrial Internet of Things (IIoT) can be expected, as it supports effectiveness in a globally competitive market, Packaging Digest reported last week.
- Remote monitoring's resultant data will also increase the availability of analytics, which can be assessed for efficiencies such as saving money and time on processes. As a result, it is predicted that within two years, approximately 76% of manufacturers will increase the inclusion of smart devices to allow manufacturing equipment to amass data.
- A recent MPI Internet of Things Study surveyed 350 manufacturers to learn the top five motivators for incorporating remote monitoring of packaging. These include improving product quality (58% of those surveyed list this as number one); increasing operational speed; decreasing costs; improving maintenance, and refining incoming data for better business analysis.
According to a report by Smithers Pira, IoT packaging around the world will increase 18% per year to nearly $2.2 billion dollars by 2021.
The growth of IoT capabilities within packaging relates very clearly to transparency within the supply chain, as a recent UK study reports that more than 50% of people surveyed would like to be able to scan a package in order to determine the sourcing of their fresh produce. Further, packaging that can warn consumers about pending expiration dates as well as whether a product has been accidentally damaged or tampered with is highly desirable.
The benefits of IoT-enabled pharmaceutical packaging are significant, as tracking dosage and providing reorder reminders are highly beneficial. Furthermore, an IoT packaging device that can implement anti-tampering will further ensure both safety and assurance as personalized medications come into more frequent usage and drug diversion continues to rise.