Blockchain is the trending technology that revolutionizing almost every sectors of the industry with enormous benefits. Similarly, the distributed ledger technology or blockchain is definitely a powerful tool in the healthcare sector and pharmaceutical sectors, used to record important information such as history of patients health record in a permanent and incorruptible manner. It is also obvious that blockchain will enable the pharma industry to become more efficient and secure in the important aspects. Due to lack of privacy and transparency, the patients are not sure about the drugs they consume and also the cost of drug increases. But integrating blockchain will make the system transparent and be helpful to overcome the privacy aspects. This will be useful to predict the patients health and provide the right medication.
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At present, people give more importance to their health and this has given rise to the number of healthcare and pharma. As every other industry, healthcare and pharma too has its own problems and challenges. The following are some common challenges of the pharma sector.
The major drawback in pharmacy is transparency. The consumer does not know whether the drug they consume is the right drug and they also do not know from where the drug comes from.
The possibility of delivering fake drug is more these days. An imitate of the same drug is made and sent in circulation, this might bring down the consumers trust on the doctors.
If any drug goes less or out of stock, it is not intimated in the present system. At the time of emergencies, this is a problem to the patients.
The physician must know the complete record of the patients history to give proper treatment at the right time. But the existing method lacks to maintain history of patient record and this fails to give a healthy treatment.
Another common challenge in pharma is that, they do not know whether they get the exact drug which the supplier sends because the process involves a lot of intermediaries and the chance of changing drug is possible.
Blockchain is the fast growing technology due to its numerous advantages to various industrial sectors. From Bitcoin, it has reached many more industry and pharmaceutical companies is no exemption. Its decentralized ledger system records and log transactions by segregating it in chronologically ordered blocks. These blocks are secured using the latest cryptography technology. It is a great advantage for the healthcare and pharmaceutical industry. The following are the blockchain application to overcome Pharma Challenges.
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