How Blockchain will transform the pharmaceutical industry?
The impact of COVID-19 on the global health care sector has severely felt around the world. A crisis on such a colossal scale has significantly impacted supply chains for medicines and various medical products.
Given that blockchain enables secure creation and sharing of time-stamped records in real-time, it comes as no surprise that the pharma sector has been exploring the technology to improve the drug supply chain. Pharma companies aren’t stopping there. They are trying to identify multiple use cases of blockchain for fighting counterfeit drugs, clinical trials and much more.
Companies globally are trying to explore various blockchain use cases in the pharma sector. Most popular ways of how blockchain can help are provided below.
Tracking drug supply chain
Blockchain can allow drug manufacturers to improve supply chains with greater security and transparency. Users can gain real-time data access and greater visibility throughout the journey.
Combatting counterfeit drugs
Any movement of medicines from one party to another can be visible to all authorized members and traceable in real-time with the help of a blockchain solution. Customers, on the other hand, can verify the authenticity of purchased drugs by scanning a QR code or a bar code. Read more here.
Clinical trial management
The nature of blockchain being immutable prevents tampering or modifying clinical trial data that improves the reliability of the reports. The technology also allows patients to access and control their reports and make it accessible only to the authorized professionals.
Read more about these domains in our detailed blog and learn what problems current systems are facing and how blockchain can help fight them.
Download our Blockchain in Pharmaceuticals eBook to learn how blockchain can disrupt the pharma industry.