Exploring blockchain application in pharma
Use cases § Reading time: ~3 minutes
Blockchain technology is emerging as a powerful force in the pharmaceutical industry. It offers a decentralized, highly secure, and transparent way to manage data, redefining how pharmaceutical companies operate and deliver value to patients and stakeholders. Earlier we wrote about the application of blockchain in the healthcare industry. To learn more about it, click here . The pharmaceutical industry is the part of the health sector concerned with the research and development of medicines. Challenges in the pharmaceutical industry Counterfeit medicines: The World Health Organization estimates that 1 in 10 of medical products in developing countries are either substandard or counterfeit. These include medicines, vaccines and medical devices, according to the WHO study . Inefficient supply chain: The involvement of numerous parties in the supply chain creates challenges in terms of cooperation, traceability, and verification of medicine authenticity. This situation increases the risk of bad actors influencing the supply chain and hampers the efficiency of routine processes.The opaque nature of pharmaceutical supply chains contributes to wastage, delays, and increased costs. Data security and privacy: Protecting sensitive information and proprietary research data from cyber-attacks is a constant battle. In addition, it is important that documentation relating to medical trials of new drugs be protected from counterfeiting and unauthorized access. Regulatory compliance: Navigating the ever-changing maze of global pharmaceutical regulations is time-consuming and costly. Clinical trial transparency: Ensuring the veracity and transparency of clinical trial data is a significant challenge that can impact drug approvals and patient safety. Besides, it inhibits the development of pharma research. Benefits of blockchain in pharma End-to-end traceability Blockchain can trace a drug's journey from the manufacturer to the patient, making it harder for counterfeit medicines to infiltrate the supply chain. Supply chain efficiency By providing a single, immutable record of transactions, blockchain can streamline operations and reduce administrative errors. Enhanced data security Blockchain's encrypted, decentralized nature makes it highly resilient to data breaches. Automated compliance Blockchain can encode regulatory requirements into smart contracts, automating the compliance process. Transparent clinical trials Blockchain can securely store and share clinical trial data, enhancing transparency and trust among stakeholders. Do you want to learn more about blockchain applications in the healthcare sector? Reach us and we will send you a free copy of the case study presentation. Use Cases MediLedger project This blockchain-based project aims to combat counterfeit drugs and improve supply chain efficiency. It creates an industry-wide, decentralized record of all transactions, enabling real-time tracking of medicines. Innoplexus The life sciences company offers blockchain technology to improve efficiency in drug manufacturing. By seamlessly accessing and automating the exchange of information, their products help pharmaceutical companies to facilitate in speeding up ai-driven drug discovery. VitaDAO VitaDAO is a community-owned blockchain startup dedicated to funding and advancing longevity science research. VitaDAO invests in groundbreaking research projects, for example, approaches to fight against Alzheimer’s disease. Amongst their partners and investors is pharma industry giant Pfizer, and tech startups Lifespan.io , Apollo Health ventures and more. Conclusion Blockchain technology has the potential to transform the pharmaceutical industry, addressing some of its most stubborn challenges. From securing the supply chain to safeguarding sensitive data and streamlining clinical trials, blockchain could herald a new era of efficiency, transparency, and patient safety in pharmaceuticals. Contact us We can help you create a blockchain solution for your business and project. See our portfolio to learn more about our projects. Contact us and let's discuss your idea.