The Korean government stated that 50% of all its drugs will be equipped with RFID technology by 2015 to improve inventory control and reduce the number of prescription errors, according a Korea Times report.
The country’s low recovery rate for second-rate drugs is currently around 20% and government officials have long considered RFID as a possible solution – suggesting that RFID technology will also allow pharmaceutical companies to save approximately $1.6 billion, while at the same time retrieve subpar drugs.
The electronic, RFID tags will help pharmacies eliminate theft and incorrect dispensing, provide convenience in ensuring whether products are genuine, and that expired drugs are properly removed from shelves.
The project involves the Ministry of Health and Welfare, the Korea Food and Drug Administration, and also the ministries of knowledge economy and education, science and technology.
To get the full story click here.