by Richa Gupta | 3/9/2022
Loftware, the global market leader for barcode labeling software, announced its acquisition of UK-based PRISYM ID in January. With this, the company further extends its position in the life sciences vertical, which has always been a key area of focus. PRISYM ID offers label management solutions for clinical trials, medical devices, and pharmaceuticals. The life sciences industry is governed – and challenged – by some of the most stringent regulations and labeling standards, which makes this announcement especially relevant today. The industry offers tremendous growth potential for AIDC market participants as automated information flow becomes a necessity.
The need for unique product identification and error-free labeling is greater than ever before, as evidenced by measures taken by leading global regulatory systems, FDA and EMA/EU-MDR. Companies in the life sciences vertical are constantly looking to ensure compliance with evolving regulatory requirements, reduce the number of labeling templates (and better manage them via centralized and standardized systems), and make a full transition from paper-based information dockets to digital content and document management systems.
Regulations such as FDA 21 CFR Part 11 and Eudralex EU GMP Annex 11 guidelines require companies to demonstrate compliance with regards to accuracy and security of their electronic records. VDC sees Loftware, among others in the AIDC industry, taking an increasingly vertical-specific approach to solution sales. This includes making strategic investments towards hiring subject matter experts with relevant industry experience to assist customers, as they look to address unique labeling and regulatory considerations. Loftware has gone one step further by also acquiring a company providing regulated content and label management solutions for clinical trials labeling, among other applications.
The company has reinforced its commitment to growing its presence in the life sciences vertical where labeling is highly complex due to requirements around serialization and UDI. It created the Life Sciences SIG (Special Interest Group), a forum where some of the largest organizations in this vertical collaboratively share evolving requirements and best practices for both enterprise labeling and artwork management. Heightened focus on the ever-evolving and highly regulated life sciences vertical will enable Loftware to help its customer base ease traceability and compliance-related pressures.
Like with its combination with NiceLabel in 2021, VDC believes that the long-term outlook and growth prospects for Loftware look strong following this latest acquisition. There will be questions around the company’s ability to fully integrate these disparate platforms, and to establish a go-to-market strategy that is coherent and consistent. However, VDC also sees this as an opportunity for Loftware to cement its position as the labeling solutions market leader in this highly regulated industry.