RFID in Pharmaceuticals14 Apr 2008 13:16
RFID in Pharmaceutical industry to grow at 60% annually ---11 Apr 2008
A research firm, Kalorama Information, has conservatively forecasted that the RFID market in the pharmaceutical industry will grow at a CAGR of 59.6% from 2007 to 2012. The market revenue is expected to increase from US$58 million in 2007 to US$600 million in 2012.
The major factor that contributes to the growth is the reduction in the cost of RFID infrastructure, leading to a wide adoption of the technology in the industry. As estimated in the report, the average cost of RFID tags have decreased from US $1 in 2000 to US $0.15 in 2007, while the cost of readers dropped from US $1,000 in 2004 to US $200 in 2007. Through the adoption of RFID technology, manufacturers can save an average of US$40 million while distributors can save up to US$10 million annually.
Source: outsourcing-pharma.com; US Pharma RFID market set for 60 per cent growth (March 10th, 2008)