Learn How Blockchain Is the Future of the Pharmaceutical Supply Chain
The pharmaceutical supply chain is in need of change – and it comes in the form of Blockchain. Learn how Blockchain will become the future of pharma industries.
Keyword(s): pharmaceutical supply chain
Although Blockchain technology has infiltrated almost every industry there is, nobody seems to understand it. Even though people can’t seem to wrap their heads around the blockchain, it’s being used to drive marketing strategies and sell insurance.
The pharmaceutical supply chain is no different. Blockchain technology is being used to improve the supply chain so many people depend on for their life-saving drugs and medicine. It does this by digitizing the chain and making it accessible to anyone.
The technology essentially recruits computers to act as accountants. They work to verify that the data sent from one PC to another is true, and it does this by keeping track of everything in a ledger. The ledger is a list of every interaction a PC on the chain has with another, and anyone can refer to it.
Keep reading below to learn how Blockchain technology is improving the pharmaceutical industry!
Guaranteeing Pharmaceutical Supply Chain Compliance
The pharmaceutical supply chain handles some dangerous substances, and as such, is heavily regulated. All pharmaceutical distributors must comply with certain guidelines in order for them to legally operate. And all those guidelines work to ensure drugs don’t end up in the wrong hands, or on the streets.
Since Blockchain technology is essentially automatic bookkeeping, distributors don’t need to worry about keeping track of their drugs. Every exchange is tracked for them on the Blockchain. And if something goes wrong, they can refer to the chain to see exactly what happened.
It keeps the company, and people in general, safer.
Tracking Clinical Trial Consent
Before drugs can ever be shipped, they need to be developed. And developing drugs means running clinical trials on consenting patients. Yet, tracking that consent can prove challenging. People may go back on their word, or developers may just not obtain written consent.
Blockchain technology makes it impossible to run trials without the express consent of patients. Technology within it will make certain logistical steps impossible without first getting consent, making trials safer.
Countering Counterfeit Drugs And Devices
There is a huge black market for counterfeit drugs and devices. Legitimate pharmaceuticals are expensive, yet that’s because there are so many steps to make sure they’re safe. Still, when people can’t afford something, they’ll just find other ways to get and disregard the danger.
Criminals usually take legitimate drugs and use them as a foundation for counterfeit versions. These fake drugs are usually cheaper, and more dangerous.
Blockchain technology can help stop this black market by automatically authenticating medical devices and drugs. When they’re automatically tracked along each step of the supply chain, it’s easy to tell when something is faked. It simply won’t have a spot on the Blockchain.
The Blockchain Is A Powerful Technology
The blockchain is still a nascent technology, with a lot of room to grow. Yet, it’s already revolutionized the way industries operate. Businesses rely on it to improve their decision-making processes, and its automatic bookkeeping makes verifying information simple.
With something as important as the pharmaceutical supply chain, the blockchain is a miracle. It makes shipping drugs simple, while also complying with federal regulations and guaranteeing the products are secure. It’s less work for everyone involved, without sacrificing the supply chain’s quality.
To hear more about blockchain technology is changing healthcare, register to attend our summit. Here you’ll be at the intersection of technology and health, where you can follow how the industry may change in the future.