Blockchain in Healthcare
Blockchain technology allows tracking of drug movements from manufacturer to patient’s doorstep, preventing counterfeit drugs from entering the supply chain and improving drug traceability. The pharmacy industry ensures a secure and transparent supply chain using blockchain technology.
Impact of Blockchain in Pharma
Blockchain technology enhances organizations’ performance, transparency, and security levels in the pharmaceutical industry. Smart contracts can facilitate supply chain and insurance settlements as part of the digital transformation.
Examples of Blockchain Implementation
Blockchain can record supply chain steps, ensuring drugs are tracked from manufacturer to patient. It also provides a secure, decentralized platform for storing and sharing clinical trial data.
Blockchain tracks everything, facilitating auditing. Experts estimate counterfeit drug sales at twice the legal rate, highlighting the need for enhanced supply chain security and integrity through blockchain technology.
At its core, blockchain is an electronic database storing data in blocks, with groups collecting data. Drug provenance verification systems are being developed, with blockchain seen as having a significant impact on supply chain transparency and accountability.