Today, patients in the United States can take a generic drug manufactured in India and vice versa. This fluidity of product and customer movement poses significant challenges for pharma companies operating in an increasingly globalized environment. On the other hand, if you are into trading, then start bitcoin trading by visiting a trusted website.
The most effective way for these same pharma companies to take advantage of bitcoin and blockchain technology is to diminish the risks that come with this degree of cross-border commerce as opportunities that people can exploit to reduce costs and create new revenue streams. And because the blockchain is a shared, universal record, all parties are on equal footing in their ability to access it—retailers, manufacturers, regulators, and consumers all share in this transparency.
Implications of blockchain and bitcoin in pharma:
The implications of such a trusted digital system are enormous. The same technologies that enable bitcoin—public ledgers, distributed assets, and time stamps—can be applied to verifying a drug supply chain's authenticity from seed stock to prescription delivery. A consistent, verifiable record of product authenticity along the entire supply chain can be created by people.
It would enable hospitals, doctors, and nursing staff to track drugs from where they are produced to the pharmacy counter. Every step in a drug's journey through the supply chain would be recorded and transacted on a blockchain—including who is handling it, when, where it's been stored, and at what temperature, as well as who handled it last.
The public nature of this ledger makes counterfeiters' jobs much more difficult because they will be easily detected by everyone else using the same system. And because there is no central authority overseeing this information, no one has the power to alter or delete data entered into the system. Unfortunately, this level of transparency is new territory in the pharma industry. It is only a matter of time before blockchain-based supply chain management systems are more broadly adopted throughout the healthcare system.
Decentralization transforms the power relationship between pharma companies and patients, pushing them further into pharmaceutical companies' favor. People can use blockchain technology to create stronger ties between these two parties by establishing a direct line of communication by including them directly in the process.
Quality control of drugs and medicines:
Additional advantages of blockchain technology include improved monitoring of the pharmaceutical supply chain, which improves quality control and reduces the likelihood that counterfeit drugs will enter the supply chain. The ability to track specific units from the point in time they were created to when they reach their intended customer provides a level of transparency and accountability that would not be attainable using traditional systems.
Blockchain has significant potential for improving product recall and withdrawal processes by simplifying communications between drug makers, healthcare providers, and regulatory agencies. In addition, in an emergency, critical information about manufacturing equipment can be made immediately accessible to all relevant parties along the supply chain, thereby reducing delays in investigations and recalls.
No drug abuse:
In addition to the apparent benefits of quality control, blockchain technology has the potential to revolutionize the way government agencies fight drug abuse. Because blockchain systems are public and distributed, databases cannot be interfered with, hacked, or replaced by malicious entities.
Therefore, it will be much easier for law enforcement to track down individuals that misuse opioids and other drugs. As mentioned above, vendors and manufacturers can also use this data to respond quickly in a crisis situation—whether it is an outcry from a patient who says they don't want their medication anymore or a recall from regulatory agencies. The potential for blockchain-based monitoring systems to prevent drug abuse is enormous.
No counterfeit drugs:
The ongoing opioid epidemic in the United States is primarily to blame for this problem. However, the inability to track drug supply chains directly results in more loss of life and suffering, and it can be addressed using blockchain technology. Blockchain is, perhaps, the most promising innovation that has emerged in recent years that could substantially change how the pharmaceutical supply chain operates.
Blockchain technology's potential to disrupt the pharma industry becomes much clearer when we consider how it could affect a pharmaceutical company's supply chain operations and its competitors.
Reduction in disease led by drug overdose:
The CDC has reported that over the past 20+ years in the United States, more than 175,000 people were killed by prescription opiates. This figure is staggering as we look at how many people die from drug overdose yearly. In comparison, heroin deaths have increased by about 1,000% over the last 20 years.
Overdose deaths related to drugs like fentanyl, Xanax, and OxyContin have recently become a national problem. Companies could significantly diminish them if a distributed electronic ledger system included every step in the pharmaceutical supply chain. In addition, companies could easily integrate such a system into existing healthcare systems—whether a public health office or hospital manages it—and would provide all stakeholders with transparent records of what medication goes into which patient's body at any given time.- advertisement spot 2022
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