The pharmaceutical industry has been struggling with the challenges of counterfeit drugs and the management of its supply chain for a long time.
According to PricewaterhouseCoopers (PwC) Strategy&, counterfeit drugs is a $163 billion to $217 billion business. Naturally, the pharmaceutical companies want to prevent fake drugs. On the other hand, the government agencies across the globe want to stop the public health crisis due to the counterfeiting.
Blockchain technology is seen as a potential solution to the problem. It can help prevent counterfeit drugs by adding better traceability and accountability to the supply chain management of pharmaceutical products.
Problems in Pharmaceutical Supply Chain