How Will The Use Of Blockchains Accelerate The Pharma Industry?
By: Yashasvi Gupta
Tags: Blockchain Training, Blockchain Technology, Blockchain Education, Blockchain Platforms, Blockchain Development

How Will The Use Of Blockchains Accelerate The Pharma Industry?

Pharmaceuticals are one of the industries the world is talking about, particularly in pandemic times, when the entire world is looking to the latest vaccine, there will be a need for a system that can ensure that the same is delivered seamlessly. Although traditional platforms are adept at this, they are not as powerful, and a more efficient system will therefore be needed. Here, Blockchain can prove helpful. Well, it’s not just that, Blockchain’s function is spread through numerous segments, and we’re going to explore how and why Blockchain is the pharmaceutical industry’s right solution.

The issues that we have to tackle:

We need to consider the main issues of the pharmaceutical industry that are staring us in the face before we go to understand how Blockchain can help the system. Here’s a couple of them:

1. Drugs that are counterfeit

2. System of supply chain

3. Management of inventories

Although the pharmaceutical industry still has other problems, these are the main concerns that need fast answers.

Blockchain, why?

The distributed ledger system is Blockchain, and it works to build a platform where all the data is freely available and traceable. The main features of Blockchain technology that will make it a panacea for the pharmaceutical industry and other industries are immutability and transparency.

Do we understand how this is happening?

Drug safety: It is not new to the problem of fake drugs; it is one of the greatest issues needing the right solution. The problem is serious, and it needs a solution. In 2012, 11 people near Boston were killed by contaminated steroids, and 100s of people were left sick. No active ingredient in cancer medicine has been detected in the US. Such concerns are inevitable. In fact, counterfeit drugs can claim the lives of people, and we therefore need a system that can make it easy to track and trace them. We can allow the tracking of APIs used in drug production with Blockchain. By monitoring this, one can easily find out whether or not there is a device problem, and it can be tracked immediately if there is a problem.

Supply chain management: The next pointer where Blockchain will prove advantageous is supply chain management. With Blockchain, monitoring and tracing of data is simpler, and this functionality can be used by the pharmaceutical industry to monitor the supply of medication and other health supplies.

Inventory management: Again, this is an important matter that needs to be solved by Blockchain. I should still be providing medication and other medical aids, but that is only possible when there is a good system of inventory control. The information is easy to upload with Blockchain and freely available to all people in the system. It would then become easier for them to access this and to know if the inventory of medication and other medical aids is insufficient.

With all these benefits, Blockchain is one of the leading support schemes to boost the functioning of the pharmaceutical industry. Although there are many other use cases, such as clinical trial management, and others, there is also a need for Blockchain experts that can build ready-to-use integrated platforms and can synchronize them with the current market segment.

Ahead of the Way:

To match the rising demand, there is a need for professional people who can exploit this technology. The Blockchain Council is the best choice for you if you are also ready to make a strong impact on technology and are searching for the right learning platform. For more information on the best online certification program in the Blockchain and Related fields, contact the Blockchain Council.