Blockchain has become a buzzword in almost all industries including finance, automotive, real estate, logistics, and other industries. Its unique combination of features makes it a game changer, and now the pharmaceutical industry is exploring how it could be used to address some of its most pressing challenges.
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Let’s look at 5 ways in which blockchain can transform the pharmaceutical industry.
Each time a drug is touched, from manufacturing, shipping, registration, warehousing, and sales, the transaction is entered into the blockchain. It identifies the final stakeholders that a product passes through. Blockchain also helps prevent diversion and counterfeiting, as medication products can be tracked from production until delivery.
Regulations such as the Drug Supply Chain Security Act (DSCSA) and the EU Falsified Medicines Directive 2011/62/EU (FMD) require the serialization of drugs at a unit level, making blockchain an ideal solution since it is transparent and enables secure data transfer. Conducting regulatory audits on a blockchain network is made easier because of the ledger’s distributed and immutable nature.
Blockchain fosters faster and more secure data and tech transfer. Its security features ensure that research and patient data are always protected and not tampered with. By leveraging smart contracts, blockchain technology can automate the establishment and enforcement of intellectual property protection, eliminating the need for human involvement.
In clinical trials, consent-related problems like using unauthorized forms, absence of signatures on consent documents, incomplete protocols, failure to inform patients about changes in the protocol, etc. are widespread. However, Blockchain technology addresses the issue by timestamping the consent forms and updates to protocols, which patients can verify at any point in time.
The pharmaceutical R&D process is complex, and there is a high level of difficulty for investors to derive information. Blockchain technology can be a viable solution to this problem. A blockchain network can facilitate researchers and manufacturers in managing their research processes by enabling wider access to information for investors. It also ensures the ownership of proprietary information.
Smart contracts can automate confidentiality agreements, resulting in reduced transaction times and costs. By using blockchain technology, firms, researchers, and investors can collaborate more effectively while also upholding a high degree of transparency and trust.
Blockchain technology has the potential to revolutionize the pharmaceutical industry in numerous ways. By enabling end-to-end tracking of the supply chain, ensuring regulatory compliance, expediting drug research and development, safeguarding clinical trials, and keeping investors involved, blockchain can bring unprecedented levels of transparency, security, and efficiency to the pharmaceutical industry.
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