Counterfeit drugs have become a major challenge for patients and healthcare regulators alike across the globe. In fact the World Health Organization has estimated that 10% of all medicine worldwide is counterfeit, with the sale of such drugs from 2013 to 2017 amounting to $30 billion.

How do you overcome this menace? The answer lies in the utilization of Blockchain to create a secure pharmaceutical supply chain that promotes integrity, traceability, and transparency by using a data sharing framework, which includes everyone from raw material suppliers, manufacturers and third-party logistics, to wholesalers and pharmacies.

The blockchain will have the following participants

A hash (Unique ID) will be assigned to the medicine and it would be registered on the Blockchain. Every ID is treated as an asset on the Blockchain. At each juncture where the medicine changes ownership, the activity would be time-stamped and recorded on the Blockchain. Everyone along the chain can verify the source of origin, but at the same time cannot alter it. Moreover, in the case of a defective drug recall, the manufacturer can view the pharmacies that received the affected drug and the pharmacies in turn can directly contact patients who had received those drugs from them.

The participants in the blockchain can record and view transactions. Using smart contracts an immutable ePOD (electronic proof of delivery) of the freight's history will be created.

Business Benefits

  • The supply chain is traceable and drugs are easier to track
  • Information systems will hold expiry date details, which improves stock control and rotation
  • All parties can see every stage of the drug journey to ensure the drug authenticity
  • In case of any defect, recalls are very easy
  • Promotes electronic prescriptions along with decentralized, trust-based and authenticated data exchange