Blockchain will change the pharma industry and will create new Blockchain pharma use cases. The pharma industry needs a much-needed supply chain system update. So the purpose of the new system is to integrate the features of blockchain technology and add traceability, and security to the drugs supply chain. It also helps to provide visibility to manufacturers and drugs regulatory authority. So Blockchain is the best choice when we need data privacy and data accessibility both at the same time. Thus, every time a product changes hands, the transaction can be documented to create a permanent history of a product, from manufacture to sale. As a result, this will dramatically reduce time delays, costs, and human error that occurs in transactions today.
Blockchain Pharma Use Cases: Trust and Transparency
Blockchain will change the pharma industry and with it trust and transparency. With manufacturer and customers being able to track pharma products throughout the supply chain, they will trust each other. Thus ,companies can see if the customer got their products safely. So you will also be able to see if the manufacturer is legitimate so the product is in its original form.
Blockchain Pharma Use Cases: Traceability
Once the manufacturer produces a product he will register it on the blockchain. Thus, you can track, trace and authenticate the drugs at each stage of the journey. So as the drugs ownership change physically, its ownership will be transferred on the blockchain network. As a result, drugs manufacturers will be able to see the journey of their products at any of time.
Blockchain Pharma Use Cases: Visibility and Protect Privacy
Blockchain will change the pharma industry and can add visibility and protection. So visibility and privacy are mostly opposite to each other and to obtain one we often lose the other. Blockchain is the best technology for the trade-off that can guaranty to verify the originality of a piece of data that is made available publically. It can do that while keeping the private data of an entity secrete and without any compromise on privacy. So in a pharmaceutical supply chain system, the products will be verifiable without any information about the secret techniques. As a result, your medical record is accessible to different users on the network without knowing your private data.
Blockchain Pharma Use Cases: Extended Security
Blockchain is one of the most secured ledger systems on the planet. So it is an immutable database and the information once stored on it, you cannot delete or modify it. Thus, only legitimate participants can push data to the blockchain. As a result, they can use blockchain to extend the security level.
Blockchain Pharma Use Cases: Database for Future Statistics
You can also record the effect of drugs on the patient. So doctors can check your record and suggest a dose to you in future. Thus, using common databases, this type of record keeping was not secure, and the patient’s privacy was at risk. But with using blockchain, you can store your data without sharing your private record.
Blockchain Pharma Industry – Conclusion
So there are issues in the current pharma supply chain management. They can use Blockchain to add traceability and visibility to drugs supply and overcome the issue of counterfeiting. Blockchain will help to share medical data while keeping the patient’s private data secrete. In addition, they can use solutions to implement a blockchain based supply chain for pharmaceuticals. Therefore Blockchain makes it easy for everyone to use the system.
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