Why is blockchain needed in Pharmacies? Because Blockchain-based systems help solves challenges faced by pharma industries and distributors in managing the pharmacy supply chain. Blockchain and the supply chain of pharmacy together revolutionize the entire drug development lifecycle and drug supply chain management. It offers safety benefits for patients by terminating the Substandard, Spurious, Falsely-Labelled, Falsified, or Counterfeit (SSFFC ) medicines that torment the pharma supply chain.
Many pharmaceutical companies do not have patients' information about how they are doing when they are at home. Thus, the paucity of important patient data causes inefficient treatment.
In healthcare, the most significant use of blockchain is in combating counterfeit medicines. According to some reports, counterfeit drugs lead to a massive loss globally. So with blockchain, a chain of custody log is ensured. If you don't know the term CoC. Basically, the processes for documenting, collecting, and protecting evidence are called establishing a chain of custody. Creating and maintaining a chain of custody implies that a detailed log is kept of where the evidence was found and logging anything that happens to the evidence prior to trial. As well as it tracks and traces every step of the drug supply chain at every level.
BlockRX initiative is a project based on blockchain by iSolve. It aims to tackle the problem of drug supply chain integrity through distributed digital ledgers to manage the drug development lifecycle. It targets to fight counterfeit drugs at every level of the supply chain. The distributed ledger enables tracing each drug product back from the raw materials used for making it to its suppliers. Now, there is visibility into the supply chain. Manual work and human errors will be removed from the decentralized ledger.
For auditing and tracking of inventory, transparency is provided by blockchain because both things are dependent on each other to make sure the medicine is delivered to patients as securely and quickly as possible. Because of its immutable nature, it can enhance data integrity. There is complete visibility in auditing and inventory management. That's why blockchain helps to stop counterfeit drugs reach in medical stores.
Blockchain and the supply chain of pharmacy are different in a unique way and will be used by most pharma companies because all the users who have permission to access the peer-to-peer network, are engaged with one accurate, immutable source of information where every chronologically stamped transaction is replicated in every block of the chain. Each block having data is impossible to alter. So everyone is assured that there is trust between each other.
Overall, the use of Blockchain and supply chain in pharmacy streamlines the entire drug supply chain operations and its transparent nature provides evidence about the truth of transactions.