Drug Firms Develop Blockchain Network To Combat Counterfeit Drugs
Blockchain technology is continuously creating waves in the mainstream, with the health sector especially very open to the selection of the technology. With blockchain adoption, it’s flagging the way for drugmakers and other drug distribution firms, retailers, and distributors.
According to a current report, about 20 pharmaceutical businesses have generated a blockchain-based system identified as MediLedger Network, which is used for tracing supply-chain medicines.
Some of the principal enthusiasts of the technology involve CoLLY.N, Eli Lily, and Pfizer Inc. Some of the companies already have an integrated system that utilizes the blockchain technology to promote their sales and distribution network.
Blockchain network essential in the medical sector
The main reason why pharmaceutical companies are fast in developing a blockchain network is the effectiveness of services. It is needed for tracking, verifying, and supplying subscription drugs over their network of distributors and retailers.
For large pharmaceutical companies, the supply chain department is vast. To make sure that the department functions correctly, the companies are shifting to the blockchain network. Another vital importance of the blockchain-enabled platform is to reduce the flow of counterfeit medicines.
Blockchain improves transparency and trust
In every business setting, transparency and trust are indispensable. Pharmaceutical companies want to utilize blockchain technology as it can be used to bestow the database without bothering about trust and accountability.
With the usage of a blockchain network in the medical sector, there will be an enabling environment for all parties to collude effectively.
Several companies on the same page
Some pharmaceutical and health companies are already in the rally for the blockchain adoption. They involve GlaxoSmithKline, Walgreens Boots Alliance, Walmart Inc, Amgen Inc, Sanofi, as well as FedEx Corp.
CEO of LediLedger Custodian Chronicle, Susanne Somerville, stated that MediLedger is already on the desk of the Food and Drug Administration (FDA). She highlighted that the report accented the importance of blockchain to combat counterfeit medicines.
According to Sussanne, even though the drug supply in the United States is reliable, there are small percentages of possible counterfeit drugs.
She said there is terrifying proof of some counterfeit drugs in the United States, which blockchain technology could resist.
Blockchain also affecting other industries
Apart from the medical sector, blockchain technology is also having repercussions in other areas. There are top companies funding millions of dollars in developing blockchain systems that would streamline operations in the respective organizations.
Many experts think that the widespread adoption of technology in the health sector will enhance the sales and distribution of drugs within the industry.