Blockchain adoption is on a rapid upward trajectory. According to Gartner reports, the value of blockchain related industries will be around $176 billion by 2025. After that, the growth will further accelerate and the total value will exceed $3.1 trillion within five years. And the rapid adoption of blockchain will affect almost every industry, including the pharmaceutical industry.
Returned Drugs and Blockchain
Each year pharmaceutical companies have to deal with $3 billion worth of returned drugs. Large pharmaceutical companies have a legal obligation to verify the authenticity of these drug products before reselling them. So Merck, the world’s seventh largest pharmaceutical company, has partnered with SAP, AmerisourceBergen and Cryptowerk to develop SAP Pharma Blockchain POC app. The app helps Merck identify and track drugs by serial number, batch, and expiration date. It can save a lot of money for Merck in keeping better track of their products.
Ensuring Healthcare Safety
Drug companies that manufacture, ship and deliver products have a difficult time keeping track of their products. So counterfeiters can easily introduce fake drugs into the system. But it’s not only drugs. There are a plethora of counterfeit medical instruments on the market. According to the World Health Organization, 8 percent of the medical devices in the world are counterfeits. Like drugs, blockchainbased apps can help the healthcare industry fight against the counterfeit medical devices too.