Use cases of Blockchain in Pharma Industry
How can Blockchain benefit the Pharmaceutical Industry?
The pharmaceutical industry relies on a complicated supply chain, from supplier and manufacturer to logistics, wholesaler, retailer and the end-consumer. Tracking the product authenticity from start to end is hardly possible in such a complex network. Regulatory officials ramp up new rules from time to time, making it complicated further. The mainstream pharmaceutical industry requires robust supply chains for end-to-end traceability, along with decentralization of data within the global network of companies for smooth processing.
To enjoy rising profits, many pharmaceutical companies maintain the highest quality and safety standards, which is the need of the hour. These companies phase-in blockchain in pharma supply chain to spur transparency, reliability and interoperability. Let’s dig a bit deeper in the context.
Implement Blockchain Technology to improve Pharmaceutical Industry Supply Chain
Putting in the context of modern needs, management of data is of utmost importance to keep the workflow accelerated. By integrating blockchain in Pharmaceutical industry manufacturers can record the serial numbers of their packages, drugs and other details. Blockchain, as the distributed, decentralized and digital ledger will encourage trust and transparency within companies by offering easy traceability.
Let’s see barcode scanning, for instance. Barcodes reflect all about the product and company and are must to have on a product to validate its authenticity. Besides, tempering with these barcodes is possible until now but with blockchain integration. Its censorship will be granted to trusted parties to update information with real-time access to changes or edits. In blockchain pharmacy, this data becomes highly immutable, and everyone from the supply chain can access it, i.e., the manufacturers, wholesalers, patients and consumers, at any point in the chain to validate its ownership and path history.
Blockchain Solution for Pharma Companies
The key feature of a pharmaceutical-industry optimized blockchain platform is that it will identify, verify and notify all the unauthorized edits that are made in relation with illegitimate drugs. Furthermore, it will create a secure and trusted network from upstream suppliers to downstream patients by stacking all essential information related to customized identification tag, ownership transfer, inventory, etc. Pharmaceutical companies use blockchain to not only streamline the process but also to eliminate the instances of fraudulent. This prevents counterfeit drugs to ensure fidelity across the supply chain. This simplifies the emerging needs of the prescription medicine supply chain for a streamlined process and ensures data security throughout the supply chain.
Having said that, maintaining a pharmaceutical blockchain is not as easy as it appears, so educate yourself with all the nooks and crannies of the process. Supply chain management (SCM) costs an estimate of 13% of India’s GDP, which makes blockchain integrate worth it.
Use Cases of Blockchain in Pharmaceutical Industry
It is of paramount concern; drug safety, from the point of manufacturing to ingredients used, plays an important role. Blockchain mining allows users to extract data related to drug composition and active ingredients. To no one’s wonder, lack of active ingredients can harm patients, thus making it important to maintain data. Endowed with advanced features, blockchain in Pharmaceutical industry allows the complete traceability of drugs for everyone involved.
Manufacturing Supply Chain
Supply chain faces a lot of service discrepancies due to lack of reliability, data redundancy, and lack of departmental- coordination etc. Compromising with supply chain management can not only incur monetary loss but can cause risk to lives due to counterfeit drugs. Undoubtedly, the pharma supply chain is complex enough to manage, but with a digital ledger, the industry can get an insight into the end-to-end process from manufacturers to sales. Close enough to stagnate, Blockchain pharmacy can stimulate the workflow of manufacturing supply chain, thus managing all the data from product codes to prescriptions. It makes operating and monitoring of products and supply chain, thus saving considerable cost.
Not only pharmaceutical companies but also in all the businesses all over the world, inventory management is an important part of driving success. On demand-based planning of inventories can be extremely tiresome, and most of supply chain managers fail to deliver expected results. But with blockchain-integration, the manufacturing of product and its prices is in full control of wholesalers, manufacturers with increased clarity. Blockchain Solution For Pharma Companies strengthens serialized tracking through potential features.
Clinical Trial Management
There are instances with the management process of clinical trials requires blockchain integration. To take an example, let’s talk about the supply chain of biotech companies. Despite producing drugs for a long time, these companies require a digital ledger to bring in the efficiency to monitor the final outcome. Besides, clinical kit management is important to ensure data accuracy and patient’s safety. All this requires an immutable and decentralized ledger to manage all the complexities and Blockchain Solutions for Pharma Companies would be a perfect fit.
Integration of blockchain has surely revolutionized the Pharma Industry. That said, the progression is slow and gradual, but will ramp up on a global edge in the near future. Endorsed by the safe and transparent network, blockchain in Pharmaceutical industry will improve the efficiency of the industry. What’s your take on the future and Use Cases of Blockchain in Pharma Industry? Let me know in the comment section.