Exploring blockchain application in pharma

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.


Do you have a project idea?

Tell us about it, and we will contact you to discuss the details

Job in Crypton Studio

Crypton Studio is a permanently developing company, so we are always looking for talented developers, proactive HRs, professional sales-managers and other employees. Is it about you? So come join us!

  • Official employment
  • Possibility of relocation
  • Comfortable conditions

Internship in Crypton Studio

Do you already have a base in coding? Do you want to immerse yourself in the promising IT industry - blockchain, and leave your contribution to it? Hurry up and apply for an internship!

  • Training in working with advanced blockchain platforms from current technical leaders
  • Guaranteed offer after successful completion of the internship “Apply”