Blockchain Solutions For Pharmaceutical Industry

Procure Featured Blockchain Solution to Boost Security and Transparency Of Medical Records and Information

Home

Blockchain at Pharma

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.

Blockchainappsdeveloper is a premium blockchain development company to offer custom blockchain solutions for pharmaceutical industry, for a better medical care of patient. Let your patients know the complete information regarding the medication they consume and led a healthy life.

Challenges at Pharmaceutical Industry

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.

Not Transparent

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.

Duplicate Drug

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.

Inventory Management

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.

Maintaining Record

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.

Trustworthiness

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 solution for Pharmaceutical Problems

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.

Blockchain gives a real time data access and visibility across the entire pharmaceutical supply chain, right from the drug ingredient supplier’s product code to the pharmacies give away the prescriptions to the patients.
In the manufacturing supply chain, the process involves a lot of third party companies and those intermediaries charge huge amount to provide research on movement of pharmaceuticals. This financial burden is reduced or eliminated with blockchain based tracking system.
At present, it is not possible to trace the pharmaceutical ingredients that are used during the manufacturing of the drug, which might lead to harm consumer patients health. But blockchain provides a base to trace the drug right from manufacturing till end user, to make sure that the drug is true and faultless.
Blockchain based system would allow the manufacturers to manage inventory effectively. It is easy to have a track on the inventory for efficient flow of product and prepare the products that are low in stock.
Integrating blockchain will enable real-time data available for the pharmacies and other retailers can enhance the internal and external inventories by having a track on the product movement from in-store to in-transit information. This will thereby double the end-consumers trust and ensure good health.