Managing the supply chain is the greatest challenge for any organization. In the pharma and healthcare sector, supply chains require special attention due to the increased associated risks and complexities – because a compromised pharma supply chain can compromise a patient’s health and safety. Blockchain is rapidly gaining much importance in every sector due to its underlying benefits. From the financial sector to healthcare, Blockchain is revolutionizing all the industries. Increased adoption of technology and globalization has complicated the health supply chain furthermore. Let’s have a look at how Blockchain can improvise the pharma supply chain! Challenges in pharma supply chain According to a study by OESD, the counterfeit goods in any supply chain account for about 2.5 percent of the global pharmaceutical drug trade. Many experts have also claimed that the number of counterfeit drugs in the supply chain is twice the number of legal pharmaceutical trade, making this a serious issue. Here’s the reason why we need Blockchain in the pharma supply chain:
Blockchain technology in pharma supply chain: Re-shaping the distribution system The pharma supply chain involves different stakeholders as mentioned below:
The data which is stored on the Blockchain can help in easily tracking the transactions. Addressing the challenge of cold-storage, IoT enabled vehicles with temperature sensors can help deliver the drugs. This enables you to get the real-time location of the drugs, and hence, immutability and transparency can be increased.
These signed transactions would enable the smart contracts, and hence the drugs would be sent further to hospitals or pharmacies.
Once the pharmacists have approved the drugs they have received, the transaction between the pharmacy and distributor is added to the Blockchain, which ensures the legality of the transaction.
Benefits of Blockchain in Pharma supply chain
Hence, the benefits Blockchain technology brings to the table surrounding supply chain are quite evident from the above-said. Blockchain has the solution to all the legacy problems in the pharma supply chain, owing to its immutable, transparent, and centralized nature. Debut Infotech brings constant technological innovations to your enterprise and business operation by leveraging the power of Blockchain technology. Get efficient SaaS-based Blockchain supply chain solutions with Debut Infotech. Drop us a line at [email protected] to know how we can help you.
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About AuthorKiara Robbins is a Content creator at Top leading Mobile App development company having offices in USA & India. We develop Mobile Applications such as Android Apps , iOS Apps and Web Applications for clients across the globe. Archives
January 2021
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