Blockchain Solutions For Pharmaceutical Industry

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.