How the Blockchain is supporting Pharma with ADLT™ (Advanced Digital Ledger Technology).
The game is no longer for banking and retail. Big Pharma, Manufacturers, Wholesalers and Logistics companies that are primary participants in the Drug Supply Chain are now seeking solutions with the Blockchain. As more Pharma Innovative Labs come to understand the value and power behind Digital Ledger Technology (Blockchain), more and more Business Use Cases are being identified as primary areas for Blockchain utilization and deployment. Understanding Pharma is complex. Which is why several Blockchain companies have struggled to develop solutions for Pharma. Our company, iSolve, has worked with several large Pharma, Biotech, Manufacturers and Wholesalers to understand exactly the needs of each of these major players within the Drug Supply Chain. Pharma as an industry requires a tremendous amount of technology to help support the process of drug development, transportation, retail and patient adherence. Coupled with strong regulatory and FDA guidelines, Pharma’s investment into Drug Development goes way beyond Clinical Trials. Average Drug Development cost today are between 4 billion to 11 billion usd for drug approval and to bring the drug to market. Pharma is always seeking ways to lower the cost for drug development and for consumers. Having new technology that allows for visibility, transparency and security across internal and external departments, supply chain participants and patients, allows for Pharma companies to have better insight to inventory, demand, R&D and patient behavior. To see more information about the Blockchain and Pharma, see our blog posts. If you are interested in getting involved with Blockchain Pharma solutions, visit the BlockRx project.