According to GlobalData, data and analytics company, blockchain technology will play a prominent role in supporting supply chain transformation in medical sector by aiding to bring down fraudulent activities, increase manufacturing quality and supply of pharmaceutical products.
The pharmaceutical industry is facing counterfeiting problems for quite a long time, World Health Organization (WHO) is estimating the cost to over $30 bn for counterfeiting of drugs.
Bonnie Bain says Bonnie Bain, Ph.D. Global Head of Pharma – GlobalData, “This isn’t just a financial loss; it also reflects the fact that in some markets, notably emerging economies, relying on ineffective medicines represents a risk to public health.”
Bain further added, “The challenge of tracking pharmaceutical products from lab to patient is a significant one, with multiple opportunities for external parties to introduce counterfeit products. The ability to trace the journey of an individual dose of medicine from the time of manufacture to the time it is administered could have a significant impact on patient safety and could dramatically reduce the financial losses associated with counterfeiting.”
Various pharmaceutical companies are developing innovative solutions to incorporate distributed ledger technology to securely and reliably track products throughout their supply chain.
“While the pharma industry is awash with blockchain hype, there are a number of segments where blockchain has the potential to play a transformational role, notably in managing the provenance of pharmaceutical products as they pass through the supply chain,” says Gary Barnett, Technology Analyst – GlobalData.
Barnett stated, “Blockchain is particularly interesting where a network of different players in different geographies have to coordinate their actions. The supply chain for pharmaceuticals is long, complex and very prone to abuse, so any technology that helps assure the provenance and quality of drugs will bring benefits to the industry and society at large.”
It was on April 19th BCFocus reported about Saujanya Vruddhula, an undergraduate student of Imperial College London, developed a system where micro Quick Response codes can be directly printed onto pharma-drugs and the linking blockchain will provide a solution to counterfeit medicine issue.
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