As blockchain extends its scope through various industries, we explore its functional value in the pharma supply chain.
In this blog, we explore some of the functional value of blockchain solutions for healthcare, particularly in the pharma supply chain.
In recent times, even prominent hospitals have suffered from shortages of critical protective supplies due to the Covid-19 pandemic.
Masks, gowns, and face masks fell short in production and supply. The race to get them further meant hospital and government representatives urgently hunting for reputable vendors.
Critical shortages of test kits arose elsewhere also on the front lines. Swift demand escalation meant workers were unable to supply with long-established procurement procedures.
They needed new secure sources and rapidly identifying and reallocating materials. Consequently, it revealed the medical supply chain's long-festering issues.
Now, the market is exploring emerging technologies to solve pharma supply chain vulnerabilities.
Companies can safely operate together on a centralized, immutable blockchain-enabled supply chain.
Blockchain makes it quicker, simpler, and quicker to validate what is accurate as a business transaction spans companies with opposing interests.
Currently, everybody needs to trust the system owned and operated by a large company. Instead, all members in the blockchain network govern the ledger.
When combined with cryptography and smart contracts, checks and balances get secure and automated.
Experts at Oodles suggest that specifically private/permissioned blockchain solutions can strengthen supply chains. These can minimize complexity, prevent fraud and counterfeiting, and provide assurance of product authenticity with efficiency.
You may also want to read | COVID-19 Calls for Supply Chain Visibility with Blockchain
Motivated by the need to monitor and eradicate illicit products on the market, the security of the supply chain has become of paramount importance.
There is a need to transfer and exchange information through a large environment in combination with serialization and Track-n-Trace functionality.
Blockchain technology can provide an enterprise-wide solution for supply chain protection.
It enables even regulatory authorities across the industry to issue new mandates to improve the transparency of pharmaceutical supply chains and eradicate fake drugs.
Also, Visit | Fixing Fragmented Healthcare Supply Chain with Blockchain
The delivery of new-age products has expanded exponentially in size and scope. A blockchain solution enables product traceability from the provenance of raw materials to larger healthcare markets.
It makes it simpler to respond to product recalls, holds, and new market launches.
26 of the top 50 prescription products remain in the cold chain for distribution.
The entire pharmaceutical product portfolio is temperature-sensitive. Present supply chains lack access to end-to-end cold chain data instantaneously and transparently. Thus, it leads to non-compliance with laws, failure to take timely remedial action, expanded liability, product damage, and, ultimately, life.
Blockchain for cold supply chain may be a workaround at the point of dosing to trust the effectiveness of the medications.
The pharma supply chain can experience a significant difference in various processes with a blockchain development approach.
For instance, barcodes will be checked and registered on a blockchain ledger system at any point of the process, establishing an audit trail of the drug path in turn.
Sensor technology integration into the supply chain with the ledger device recording temperature or humidity is especially crucial for medicines that need preservation in the refrigerator, such as insulin or costly, specially-made medicines.
Alice can tell through the blockchain audit trail whether the drug manipulation occurred at some stage of the journey.
Also, biometric measures can come into use to monitor the dispenser and pharmacist examining the drug, even when Alice dispenses the prescription.
All of this can remain accessible on the register, allowing prescription monitoring from the moment of development before the patient brings the prescription home.
You may also like | Healthcare Data Sharing (POC) with Corda Blockchain
The supply chain becomes traceable while drugs become easy to monitor. Information networks provide expiry-date information that facilitates quality management and rotation.
Blockchain provides counterfeit drug preventive mechanisms to minimize threats, decrease patient data damage, and increase system data security.
When required, both parties can access the prescription information and ensure the safe dispense of medical drugs or equipment.
Drugs become traceable, thus, enabling quicker and simpler recalls. Also, parties can see at what point in the stage the mechanism has shown an error.
To ensure prescription validity, both participants can see every step of the drug journey. Authorities, such as pharmaceutical inspectors, can track the rate of illicit products entering the supply chain with greater specificity.
The drug route becomes secure and simplified with blockchain.
It is possible to track each delivery, with the delivery driver traced by biometric steps and other technologies.
With technology integrations like biometric steps, 2d barcode scanners, or sensors, any checkpoint involving the drug becomes traceable with security.
The entire drug journey becomes smooth, reliable, audited, and safe. Anyone with permission from the manufacturer to the patient can monitor medical equipment and medicines.
For instance, Alice can guarantee that the medication she offers Bob is of quality. With the fact that the prescription is genuine, Bob can remain assured.
He can see end-to-end information about medicine, including its provenance and contents due to enabled supply chain transparency.
Also, Visit | Blockchain for Thorium's Supply Chain Traceability
Recently, IBM, KPMG, Merck, and Walmart participated as core partners in the pilot program administered by the United States Food and Drug Administration (FDA).
These players provided support to the U.S. Drug Supply Chain Protection Act (DSCSA) to establish standards for the identification, surveillance, and recording of prescription medications and vaccines delivered throughout the United States with blockchain.
As a result, the pilot program highlighted the potential of blockchain to connect diverse networks and organizations for product traceability.
It also demonstrated how it boosts consumer safety by reducing timelines from days to seconds for a medication recall.
The findings of the pilot program proved successful in showing the use of blockchain technologies.
Looking for more information about how blockchain can transform your pharmaceutical supply chain, write to our blockchain development experts.
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