Blockchain Pharma

Counterfeit drugs are an enormous global problem, undermining trust in pharma companies and driving up costs. Websites for the best bitcoin trading tips for 2023 serve the best UI and trading tools for novices and professional bitcoin traders. All the while, tracing and authenticating medicines is cumbersome for even the most serious of buyers.

But what if we could reinvent a system without the need for trust – a system that eliminated counterfeiting? One solution to this challenge is blockchain technology. Blockchain offers exciting potential to help pharma companies create trust in their supply chains and remove counterfeit drugs from the market. 

To explore this potential, a study was conducted to assess the applicability of blockchain technology in the pharma industry, with a specific focus on logistics and supply chain applications. The outcomes of this study were phenomenal. Blockchain could provide transparency and security that has never been seen before – and this is just the tip of the iceberg.

The results of this study show that blockchain could provide tremendous benefits for the entire pharma supply chain. The report also highlights numerous possible use cases and five key focus areas: customs, provenance, tracking, blocklisting, and serialization.

So let’s dive into this a little deeper:

Tracking Information: 

People can use blockchain to track information from the point of origin to the final destination, including temperature levels, location, quality checks, etc. People can then share this data with all stakeholders involved in ensuring quality throughout the chain – right down to individual consumers. For example, in the pharma industry, companies could use this to track batches of medicines as they are shipped from pharmaceutical plants or even to make sure that the same batch of ingredients produced the same batch of the medicine you’re receiving.

Serialization: 

The information captured on the blockchain can be shared by companies with stakeholders along the value chain – parties such as customs, customs brokers, and even regulators. Again, this data can prove the product’s origin and help track its journey throughout life, leading to fewer spoilages and lower risk. 

A final example is that pharmaceutical companies could use blockchain to track individual products throughout their life cycle – storing key details such as batches of products produced, expiry dates, and even detailed information about packaging material. In the pharma industry, this can be a real game-changer for regulators.

Supplier and Manufacturer Applications: 

Blockchain enables manufacturers to record real-time factory data, including ingredients, production batches, and expiration dates. This data is then uploaded to the blockchain and made available through an API (Application Programming Interface). This data can be used by companies for raw material suppliers and other stakeholders, enabling them to track their value chains accurately. 

Blockchain also allows manufacturers to block certain suppliers who fail to meet standards of quality or delivery times – this would ensure that fraudulent providers cannot continue to further damage trust between partners. Medicines have been known to be contaminated for years when counterfeiters attempt to pass off fakes as the real thing. The potential for blockchain in the pharma industry is massive – by enabling this type of transparency, blockchain could help to reduce these types of scams.

Benefits of Blockchain: 

All parties along the value chain would be able to maintain a direct relationship with one another – eliminating the need for trust and reducing fraud significantly. Pharmaceutical companies would also have access to their supply chains, enabling them to create transparency, a level of control over their products, and a greater understanding of their suppliers and competitors. It opens up significant opportunities for the industry today – and blockchain technology is set to disrupt this entire supply chain. 

Blockchain can mitigate drug abuse:

For the pharma industry, in particular, it can improve security and enhance a trust – creating transparency for the entire supply chain. It could also be good for consumers and prevent potential risks to public health. However, blockchain technology can also ensure that no fake medicine reaches consumers – helping to reduce drug abuse in several ways.

While we are not quite there yet, blockchain has enormous potential to help us all live longer – by improving healthcare in many ways. For example, the root cause of drug abuse is terrible products and counterfeit drugs. So pharma companies could mitigate this by creating greater trust in the industry through transparency.

In terms of the value chain, blockchain is also a massive opportunity for the pharma industry – providing more significant levels of transparency and trust that can be built on, while opening up new possibilities for manufacturers to maintain control over their supply chains.

Users can use blockchain to provide proof of origin for all pharmaceutical products, enabling consumers to verify that the medicine was sourced from a trusted and open source. It would allow us to fight back against counterfeiting – ensuring that only genuine products reach our market. In addition, blockchain could prove the legitimacy of medicines – validating individual batches as they are produced in their factories.

By Jim O Brien/CEO

CEO and expert in transport and Mobile tech. A fan 20 years, mobile consultant, Nokia Mobile expert, Former Nokia/Microsoft VIP,Multiple forum tech supporter with worldwide top ranking,Working in the background on mobile technology, Weekly radio show, Featured on the RTE consumer show, Cavan TV and on TRT WORLD. Award winning Technology reviewer and blogger. Security and logisitcs Professional.

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