Blockchain is best known for its role in cryptocurrencies like Bitcoin. The tech’s inherent transparency, security and reliability have numerous applications in the pharmaceutical space. Let’s look at how this technology can prove crucial to pharmaceutical operations.
Blockchain – an open, decentralised, secure, public ledger and the technology behind crypto currencies like bitcoin and has caught the fancy of the traditional pharma sector. A number of pharmaceutical companies are exploring its use as a more secure enterprise solution that can solve its major woes- including supply chain disruption, data disparity, stagnation, and poor scientific productivity.
‘’Blockchain technology has the ability to change the sector significantly. The potential applications of blockchain in pharma are vast, ranging from streamlining existing supply chain procedures to ensuring regulatory compliance to enabling future discoveries. Many of them are already being realised across the industry, and companies are coming up with more and more use cases for the technology,’ said Chrissa McFarlane, CEO and Founder, Patientory, Inc, USA.’ Patientory is a global population health management software that gives users access to their health data.
Let’s look at how this technology could prove an asset to the pharmaceutical sector.
- Securing supplying chains: The most obvious and widespread application of blockchain in pharma, especially in the wake of COVID-19 the pandemic which has exposed the vulnerabilities in the supply chain. Lack of transparency, difficulty tracking supplies and the shipment of outdated products are among issues that plague the traditional pharmaceutical supply chain. One of the solutions to these issues is the emerging blockchain technology. Blockchain technology has the potential to play a significant role in the supply chain industry, as it can offer a variety of potential solutions to the supply chain issues that the medical industry is now facing. This emerging technology allows for decentralised transaction recording and tracking, as well as increased overall efficiency and the removal of unnecessary intermediaries.
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