How the Track and Trace Pharmaceutical Era is Deploying Blockchain Technology?
With majority of US and EU regulators emphasizing on pharmaceutical distribution and manufacturing compliance, it’s time enterprises’ start deploying Blockchain for regulating the existing arena. However, before we start talking about the technologies and the process implementation, it is important to understand the emergence of track and trace pharmaceutical era that has kick-started the global adoption of Blockchain solutions. The fact that the pharmaceutical industry is prone to counterfeiting and fraudulency emphasizes on its inclination towards this new organizational standard.
How Blockchain Optimizes the Pharmaceutical Industry?
Integration of Blockchain technology with the supply chain industry is something that companies are increasingly focusing on. Companies like Sofocle have created customized products like SofoChain for functioning as reliable supply chain solutions. These solutions cater precisely to various industries including pharmaceutical industry, as it becomes harder for fraudulency to creep in. In addition to that, the concerned authorities can easily identify the exact product location in real-time; thereby mitigating unnecessary stoppages and additional overhead costs.
How Track and Trace technology works?
The emergence of Blockchain solutions for supply chain has paved way for the track and trace technology, perfectly suitable for the pharmaceutical sector. This technology makes way for the 2D barcodes which usually show up in the form of randomized figures. Products listed under ‘Track and Trace’ come with unique identifiers which helps companies with provenance and authenticity. This approach is primarily used by drug manufacturers, wholesale distributors, and dispensers. Although, this concept hasn’t yet been adopted globally: — blame it on the lack of a cohesive ecosystem, ‘Track and Trace’ has certainly received a lot of accolades from people within the industry.
Apart from this kind of regulation, Blockchain solutions can also be used to initiate new verification systems like Point-of-Dispense. With that said, every technology or system is precisely used for maintaining the authenticity of the pharmaceutical products.
The Impact on Pharmaceutical Industry
Product counterfeiting and duplication are some of the worst scenarios associated with the pharmaceutical industry. Similar to the food and beverage industry, customers are constantly troubled, and you should blame the rampant effects of adulterations and product expirations. While environmental factors do play an important role when it comes to maintaining the quality of products, most of the existing issues show up when the products aren’t tracked properly. Service providers like Sofocle specialize in Blockchain technology and have products that can precisely take care of the pharmaceutical entities by improving upon the authenticity, lifecycle, and overall transit conditions.
In addition to that, most of the medicines and products can be time stamped and traced with immutable data sets. Having specialized Blockchain-specific products and services can help strengthen the entire hierarchy of the concerned industry. ‘Track and Trace’ is one such system that readily enhances public safety while helping the manufacturers improve their brand reputation.
Inference
There is a lot riding on the pharmaceutical industry courtesy to the health and life-specific implications. Therefore, Blockchain solutions are best suited for handling the existing industrial loopholes and companies like Sofocle have skilled engineers for creating a secured and reliable logistical environment.
