The present invention relates to a multi-functional package system. This integrated package system integrates the aspects authentication, prompting the consumer to consume a product from the package as per a prescribed plan including appropriate patient feedback from clinical trials and/or collection of pharmacovigilance data, real time recording of the history of product dispensed from the package, communicating/interacting with an external device, establishing and converting the package into a non-authentic package after the validity period/expiry period has elapsed or the package has been tampered with or after the entire contents of the package has been dispensed. This multi-functional capability is achieved by the synergistic combination of a tailored coupling/decoupling of the dispensing system, product sensing system, data processing system and communicating/interacting with an external device/system along with the unique identification information provided on the package.