OnSpot Solutions announces growth plan in pharma and FMCG industries
The company has patents in the US and India for its cloud-based technology, which allows the end-user to check the authenticity of a product in real-time
OnSpot Solutions has announced its one-year growth plan in India. As a part of its plan, the company intends to place a strong emphasis on the FMCG and pharmaceutical sectors, expand its product portfolio and extend into newer geographies, a company statement informed.
It also said that the company has patents in the US and India for its cloud-based technology, which allows the end-user to check the authenticity of a product in real-time. Employing advanced, real-time and user-friendly technologies, end consumers and the parent brand can verify the authenticity of the product at the point of purchase. The patented technology provides brands with protection against counterfeiting and allows the brand to get a bird’s eye view of the supply/distribution chain.
Additionally, the technology creates a communication channel between brand and consumer by offering a host of value propositions, product educational material and tips, incentive and reward programmes, as well as many other elements designed to engage the consumer per industry or product, the statement further said.
Speaking on the plans, Lokesh Harjani, CEO and founder, OnSpot Solutions, said in the statement, “Since the outbreak of the pandemic, there has been a rapid rise in counterfeit products. Sectors like pharma and FMCG have been highly prone and affected by counterfeiting. The most dangerous, of course, is counterfeiting in the pharma industry. As per the recent study, 25 per cent of the medicines available in the Indian market are fake or counterfeited. The government is making efforts to curb counterfeits, and this is where technology like ours will help curtail this problem.”
As part of its next steps, OnSpot Solutions shall focus on aggressive core product expansion, research and development, and a comprehensive suite of products for all business segments with focus specifically for the pharma, FMCG industries, electrical and automotive (lubricants and spares) segments, the statement concluded.
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