Did you know that every year 1.6 billion counterfeit pharmaceuticals are sold? This number only includes Asia, South-East Asia, and Africa. The amount goes up from 10 to 30 percent in developing countries depending on the market.
You might think this number can't be this high but it is. The worse part is that these counterfeit pharmaceuticals are dangerous to people. Some of them are even made with rat poison.
The only way we can stop this is by changing the current pharmaceutical supply chain. How can we change something so big? The key to changing the pharmaceutical industry is blockchain.
Yes, you read that right. Don't have a clue how this technology can change pharma supply chain? We've you covered.
Ready to learn more?
Pharmaceutical Supply Chain: The Basics
Before we discuss blockchain opportunities, we'll go over pharmaceuticals supply chain basics. What is pharma supply chain?
Pharmaceuticals supply chain is the process to deliver prescription medicines to the patients. These methods start at the manufacturing site till the medicines end on the hands of the patient. You know this process is very complex and involves a lot of people.
This opens supply chain to many problems. Some of them are drug counterfeiting, miscommunication, data protection, among other issues.
New technology is being developed to solve these issues. Experts say that the real solution to supply chain problems lies in the blockchain.
Blockchain Opportunities in The Pharmaceutical Industry
Blockchain has given the pharmaceutical industry opportunities to improve. Some of the developments are tracking systems for clinical trials to security protection. The advantages of this technology can even apply to their supply chain.
Yes, you read that right supply chain from start to finish. Here are some of the blockchain opportunities available for the pharmaceuticals supply chain:
1. Stop Counterfeit Pharmaceutical
Counterfeiting of pharmaceuticals is one of the biggest problems in the industry. It represents an estimated loss of 200 billion to the pharmaceutical industry.
The problem is that there are many people involved in the supply chain process. This makes it challenging to control the complete process. Blockchain solves this by establishing a drug tracking system from start to finish.
Pharmaceutical companies can put in place a program that tracks supply chain integrity. Using these programs will allow companies to prevent losing any drugs.
They'll be able to know what's the deficiency in the supply chain process and in what phase. The company can use this information to make adjustments protecting their supply chain.
2. Enhancing Data and Processes
Using blockchain can help pharmaceutical companies to enhance their relationships. This technology will give them control over the operations and bring in more players.
Blockchain can enhance data collection and transfer between distributors, manufacturers, developers, among others. This will provide transparency to the process. Regulators and patients have been asking for this improvement for a long time.
Also, this technology can enhance the process because of its flexibility. Using blockchain can speed and improve the process. Providing control and communication to the operation including sharing data and procedure improvements.
3. Ensuring Integrity of Pharmaceuticals
The integrity of pharmaceuticals is a priority for any pharmaceutical company. Yet, maintaining and protecting it is more complicated than you think.
Blockchain can help maintain the integrity through controlling temperature and conditions. Keeping pharmaceuticals in the best condition possible while complying with the regulations.
Regulators say that temperature control is the biggest problem in cold chain supply. This technology will be helping maintain cold chain monitoring standards.
4. Beginning to End Supply Chain Management
Blockchain can provide pharmaceutical companies the option to establish their own centralized systems. Many of these companies have a wide network of facilities around the world.
This makes it challenging to control and promote synergy among their operations. Using this technology, they can keep an eye on the complete process from start to finish. They can manage the clinical trials, manufacturing, and distribution process.
In other words, make adjustments from the start and adapt the process to their objectives. Also, this helps companies establish collaborations among their network without having to outsource.
Sometimes companies can manufacture the prescription pharmaceutical at another facility abroad. But, they don't have a system to manage the process from their other locations. Blockchain would provide them with the possibility to do this type of operation.
5. Supplier Management
Supplier management can be a huge headache in any industry. Pharmaceutical companies are no exception. Using blockchain can help these companies manage their suppliers.
They can establish standards and procedures for these suppliers to follow. The system can provide options for placing requests to their suppliers. They could send order and processing information through the system.
We know that not all suppliers work the same way. Blockchain systems can give pharmaceutical companies the protection against tampering of records. These systems would help the companies keep the patients safe.
In the long run, this technology can be a great tool to prevent any recalls of the pharmaceuticals. Companies can put patients first and lose less money due to production irregularities.
Can Blockchain Change Pharmaceuticals Supply Chain?
Yes, blockchain can change the pharmaceutical supply chain. This technology has infinite potential to take this industry to the next level. Blockchain solutions will create transparency in the industry.
Regulators and patients have been asking for this for a long time. Pharma supply chain can be more efficient if they use blockchain technology. Staying ahead of the curve is tough in this industry.
Yet, we're confident that developing technology for your company will be the key. To make sure you get the technology you need, your team should make an assessment. This analysis will include your operations and future plans for the company.
Using this analysis as your guide, you'll be able to know what type of systems you need to develop. This way you'll ask your blockchain developers for real solutions for your company. This technology will help you take your company to the next level.
Are you looking for a pharmaceuticals supply chain solution? We can help!
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