Blockchain and pharmaceutical supply chain…

” At the MedCity Converge conference in Philadelphia, US last year, Merck associate director for applied technology, Nishan Kulatilaka, noted that healthcare could be the second-largest sector to adopt the technology, after financial services. For patients and public health systems, blockchain could, among other applications, be a natural facilitator for electronic health records that are shareable between different health organisations without impairing the security of the data.” However healthcare isn’t the only health related industry that could massively benefit from implementing blockchain technology. Pharmaceutical industry should also be on that list. “One facet of the pharma landscape is particularly ripe for improvement: the drug supply chain. The issue of counterfeit medicines has become increasingly pressing, both in terms of the economic cost of this global black market and the risk to human life that comes from taking counterfeit drugs that may not have the same active pharmaceutical ingredients or dosage levels as the real thing.” ” Despite major international investigations and massive seizures – a single Interpol operation (Pangea VIII) in the summer of 2015 seized $81m worth of counterfeit medicines, arrested more than 150 people and removed nearly 2,500 fraudulent websites from the internet – it’s extremely challenging to keep up with a decentralised shadow industry that moves fast. As such, governments around the world are tightening up their supply chain integrity requirements in hopes of slowing the global flow of fake meds. In the European Union, the Falsified Medicines Directive stipulates that pharma companies and others in the drug supply chain will need to serialize their products for track-and-trace by February 2019. The US introduced the Drug Supply Chain Security Act in 2013, giving the industry until 2023 to institute full, unit-level track-and-trace systems for products as they move through the supply chain.” Considering the fact that the governments all around the world are pushing for more control and a solution to prevent the damages done by counterfeit medication it’s no surprise that blockchain is being considered as an optimal solution to the problem. ” Blockchain could provide significant benefits here, with bar code -tagged drugs scanned and entered into secure digital blocks whenever they change hands. This ongoing real-time record could be viewed anytime by authorized parties and even patients at the far end of the supply chain”
Read more about challenges of pharmaceutical supply chain and how blockchain can help by reading the article published by Pharmaceutical Technology https://www.pharmaceutical-technology.com/features/blockchain-pharma-opportunities-supply-chain/