How to prevent the Pharmaceutical industry From counterfeit drugs trade

Blockchain Technology in the Pharmaceutical industry


The pharmaceutical drug industry historically has been detached, slowly adjusted, and corrective to modified. But as it comes under resounding importance to monitor supply chains for correctness and security, some startups are encouraging blockchain technology as a feasible solution.

By producing an unalterable record of ownership and location, blockchain technology could comfort restrictive performance and address the pressing problem of counterfeit drugs. If it becomes widely adopted, the technology could be applied to other dimensions of the industry, perhaps speeding the development of new medications or simplifying the notoriously complex payment process.

Problem with current pharmaceutical supplychain

  • Drug supplychain Security


  • Requires the implementation of an interoperable electronic system to track and trace all drugs through the supplychain.

  • Parameters needed: Transaction information, Transaction History, Transaction Statement, and serialization numbers.

  • These parameters are being phased in, but eventually, need to be implemented to the whole supplychain.


  • Counterfeit Drugs


  • Between 5 and 8% of worldwide pharmaceutical trade is counterfeit.

  • Supplychains are not always accountable for the grey market whole seller and there is no record tracing all steps of it.


  • Locally stored data can easily be lost in the event of a natural disaster.

We are using blockchain technology to introduce traceability into the pharmaceutical supply chain. Using blockchain we can make sure there are verifiable provenance of what is delivered by whom, to whom, when and where within the pharma supplychain we are setting up a trusted network that allows that different parties to store information knowing that only authorized members can see it and the information can’t be altered once it’s been entered.


Specifically for pharmaceutical orders, we can verify that authentic drugs are handed over to an authorized party at each transfer point.


Ensure compliance with the proper conditions for transportation and asset transfer.


We can also make sure that a join verified ledger of all transactions is available at all times, this means provenance of each and every drug in a supply chain any party in the network can see the status of where the drugs are and who has them.


Let’s take an example of how it works.








Example

Dr. Kayara needs to Berkey Lisa vaccines for his patients. Dr. Kayara already checked the prices at the local pharmacLisaies and decided to order from Family Fare pharmacy. She knows that if she arranges delivery form the pharmacy using blockchain.


She will have more confidence that the drugs are authentic and also get a better price.


At Family Fare pharmacy John received an order from dr. Kayara asking for three BCG ampoules. The order is registered in the blockchain. For three BCG ampoules the order is registered in the blockchain John prepares the delivery for dr. Kayara and scans the QR codes and serial numbers of the vaccines for the blockchain.


The order is ready to go and the next step involves selecting the delivery carrier. From the list of possible carriers available in the blockchain system, John selects Mark who has a good reputation score and is not overloaded with orders today.


Mark is motivated by supply a high-quality service because his reputation score is calculated based on the ratings he received. This reputation score helps him get more business from other hospitals and clinics.


He heads to Family Fare pharmacy where he needs John. when he arrives Mark authenticates to the blockchain system. John initializes the delivery transfer and then Mark checks the serial numbers of the vaccines and accepts the delivery.


All this is recorded and the transaction is appended to the blockchain ledger after verifying that both John and Mark are physically at the Family Fare pharmacy premises.


Mark heads out the BCG vaccines are stored in a refrigerated box equipped with temperature sensors. The sensors center reading every 60 seconds and any alarms are saved in a blockchain. Mark arrives in NY and heads Dr. katara's clinic.


Dr. kayara agreed on Mark and they both examine the delivery. Dr. kayara received an SMS earlier with the tracking code together they authenticate using the blockchain.


Dr. Kayara verifies the tracking code number of the delivery and scans in and verifies the vaccines using a QR code scanner. She also verifies via blockchain that there were no alerts regarding the temperature during transport.


Dr. Kayara accepts the delivery, Mark accepts the delivery transfer and the transfer is appended to the blockchain which now shows the vaccines at the quarry location.


Mark’s reputation score and a number of open deliveries are updated and dr. Kayara can continue keeping her patients healthy.


Back at Family Fare pharmacy John examine the status of today’s blockchain transactions. Happily, all went will the transfer to the Dr. kayara.


 

Benefits of Blockchain in pharmaceutical supplychain

  • Doesn’t change the supplychain, just enhance data management and transparency.

  • Current ERP, supplychain etc., can be maintained and linked to the blockchain technology

  • Transparency enhanced by smart contract that allows for key information to be shared between organizations while protecting private data.


  • Creating efficiency and eliminating the middlemen

  • A lot of money spent on fixing the error → all the data would be tracked and traced with minimal work and time.

  • Track dates to eliminate oversights.

  • Other parts of  the supplychain can be automated with blockchain


  • Detect counterfeit and corruption.

  • Drugs are tracked and logged at all times, so if they are tempered with it will be known to all.


  • Security and Trust

  • Zero knowledge proof technology

  • Smart contracts

  • IOT device


  • Data is decentralized, so it mitigates the risk of data loss.

  • All data is stored on all nodes

  • If data is lost at one site, it is safely secured on a different node.