How Hyperledger is Enterprising the New Wave of Pharma Supply Chain
Access to basic healthcare facilities is the fundamental right of every human being. As far as healthcare is associated, an increase in the number of diseases on the daily basis is quite evident. To deal with these new diseases, new drugs are being introduced in the market with fresh makes. Here’s where the pharma supply chain arrives in the game.
Many pharmaceutical companies are turning towards Hyperledger fabric as it is based upon the Blockchain technology and enhances their supply chains. Before learning how Hyperledger fabric enriches the pharma supply chain, it is important to understand what Hyperledger fabric is.
What is Hyperledger Fabric?
Hyperledger fabric is hosted by The Linux Foundation. It is a Blockchain-based framework built on modular architecture and supports plug and play membership of various services. Pharma supply chain is a system that overviews the circulation of medicines, and to ensure an efficient supply, we need to make this supply chain transparent.
Hyperledger fabric deployment offers various tools for building solutions based on a private Blockchain network. Since the networks are private, all the nodes offer different advantages to the system. These nodes are as follows:
1. Client peers: These are the end-users and they place a transaction order.
2. Endorser peers: This node manages the execution and validation of transactions.
3. Ordering peers: These peers are engaged in the creation of blocks of the transaction by the network administrators.
What is Hyperledger Fabric doing for the Pharma Supply Chain?
While Blockchain-based frameworks provide several intuitive solutions for public healthcare, but what about the pharma supply chain that is responsible for developing, manufacturing, and distributing the medicines in healthcare systems?
Several systems and solutions based on the Hyperledger framework are being developed for the pharma supply chain. Some of the advantages offered by this digital ledger technology are as follows:
1. Creating drug record transactions
Every enterprise concerned with data security will prefer Hyperledger fabric as a Blockchain platform. This platform helps to enhance the security of the supply chain by making drug record transactions on a Blockchain. This is majorly done to create an efficient healthcare ecosystem.
2. Smart Contracts
Deploying Hyperledger Fabric on the Blockchain network provides an added benefit of smart contracts that provides access to patient health records and drug records in a time-limited framework. Smart contracts also record all the transactions executed in the supply chain and stores them for further records. All the stakeholders of the supply chain have access to these drug records and transactions, and as an added benefit, these records cannot be altered.
3. Reduction in counterfeit medicines
With Hyperledger Fabric made on the Blockchain platform you can enable visualization of the entire drug journey from the manufacturer to the patients. Digitization of transactions on the fabric makes the supply chain more visible, and also helps to find the vulnerable points in the supply chain. These points can further be examined and frauds can be reduced.
4. Innovative medicines for patients in need
Testing and developing new medicines requires a lot of time and patience. According to a survey, there are more than 800 pharma companies that are working to supply medicines for more than 10,000 clinical studies. With Hyperledger Fabric in place and access to medicine and patient record all across the globe, this process can be amplified and new and innovative drugs can be introduced at a faster pace.
Hyperledger Fabric would enhance the accountability, accessibility, and transparency of the pharma supply chain. Challenges such as counterfeit drugs and lack of transparency in the supply chain can be easily handled by deploying suitable Hyperledger fabric solutions.
Drug supply chains are the most obvious candidate for improvement with Hyperledger fabric. Debut Infotech can help you to simplify the complicated process of development and deployment of suitable fabric solution.
Hire our efficient developers and ease your path towards your multi-cloud deployment tool.