The Pharmaceuticals industry today is a billion-dollar business blooming globally at a rapid pace. With the increasing technological advancements and globalization, the pharma industry is all set to expand further into new boundaries. The pharma industry is a dynamic ecosystem of stakeholders, working together to deliver healthcare and pharmaceutical products/drugs to end-users. Since everyone in this complex supply chain is mutually dependent, there remains the challenge of building trust and reliability. Concerns about the privacy of user data and transparency of clinical trials are on the rise, impeding the future of the industry development. This is where we need emerging technologies like Blockchain to catalyze the operations and transform the industry for efficiency and transparency. The Blockchain-based systems would be a ray of hope for the pharmaceutical industry to further explore the possibilities of revolutionizing.
The Key Benefits that Blockchain Technology can Extend to the Pharma industry
The growing demand for the authenticity of the drugs and integrity of the pharmaceutical supply chain has made stakeholders to lookout for ways to handle the big data. The Blockchain technology provides stakeholders with an immutable digital record system that helps tackle the industry challenges of transparency, privacy, and traceability. With its ability to monitor/manage extensive databases and bring efficient drug-tracking and counterfeit-eliminating system with an incorruptible record of origins, Blockchain has emerged as a boon for the industry, offering anonymity, integrity, and data privacy.
At its core, Blockchain technology is an integrated and distributed set of digital records fed chronologically in a shared peer-to-peer network using cryptographic keys for encryption. It helps to manage the pharmaceutical data across the big data environment in a more secure, scalable, and easily accessible manner. In the coming days, the Blockchain technology is being predicted to greatly modernize the pharma industry, bringing in more transparent and secure data systems that eliminate the chances of human error, misinterpretation, and misplacement of documentation.
Transforming the Pharma Supply Chain
Blockchain technology is capable of providing a single-window big data solution for stakeholders covering their concerns of transparency, security, and deliveries traceability all under a single bundle. A Blockchain-based pharma supply chain is capable of tracking the movement of drugs using private authentication keys to prove the ownership of the drugs. The Proof-of-Drug Ownership is a Blockchain-based system that can reinvent and streamline the pharma industry’s supply chain mechanism.
Eliminating Counterfeits via Blockchain
A Blockchain-based architecture promotes end-to-end data encryption of records throughout the supply chain. Right from the manufacturers to the end-user, the use of Blockchain-based system can enable end-to-end traceability of drugs with authenticity, thus eliminating the chances of counterfeiting of drugs. The distributed ledger systems in Blockchain provide enhanced integrity and verifiability for the drugs, owing to its cryptographic keys in the public Blockchain.
Safety and Transparency
By creating a sense of trust and transparency of information in clinical trials, Blockchain combines privacy with a secure tracking of all data, which is beneficial for all stakeholders in the industry, most importantly, the patients. The possibilities of decentralization of data and the ability to build in control and governance with immutable records is what makes Blockchain technology a viable solution that provides the required trust and transparency in the drug development process.
In a nutshell, the emerging Blockchain technology holds the potential to transform the complex maze of the pharmaceutical supply chain. With the distributed tamperproof database of records and clever cryptography, the Blockchain technology will certainly make its headway into the pharma industry revolutionizing its practices, mainly for its advantages of data integrity, interoperability, security, and efficiency. This is why it has become a necessity for the pharmaceutical industry to hire potential professionals who can leverage emerging technologies. We, at Indore Institute of Pharmacy, one among the leading PCI approved pharmacy colleges in Indore, offer diverse pharmaceutical courses with high focus on quality, industry-centric education. We, at IIP, aim to provide a strong foundation for students aspiring to build a career in the field of pharmacy. Our cutting-edge curriculum, state-of-the-art infrastructure, and eminent faculty collectively work to aid the transformation of students into dynamic and competent professionals equipped with rich knowledge and skills for a successful career ahead.