The blockchain may have risen rapidly due to cryptocurrency popularity, but far more industries will benefit greatly from adopting this technology – particularly pharmaceutical companies.
Many pharma giants like Pfizer and Amgen are incorporating blockchain technology to solve supply chain disruption and data disparity, as the technology creates a more efficient supply chain and grants greater transparency, among many other benefits and uses.
If your pharma company is not already utilizing blockchain technology, you should certainly be looking into adopting it.
What is blockchain?
Blockchain is a distributed ledger technology, meaning it is a shared digital ledger that records and stores information across a network of computers. It is the technology behind Bitcoin and other cryptocurrencies.
Blockchain works by forming blocks of data which are linked together in a chain. Each block contains a record of the transaction with time stamps, allowing for an immutable record of all transactions. The technology enables peer-to-peer transfers without the need for intermediaries such as banks or other financial institutions. This allows users to transact directly with one another without having to trust a third party to hold their funds or verify their transactions.
Transactions are verified by the network and stored in an encrypted ledger that is shared among all users on the network. By using cryptography and decentralization, blockchain provides security for its users while eliminating fraud and preventing double spending.
Benefits of using blockchain
One of the main business benefits of using blockchain is it can help to reduce costs. By eliminating the need for intermediaries and middlemen, companies can save money on transaction fees.
Additionally, blockchain technology can provide companies with a secure way to store and transfer data, reducing the risk of fraud and cyber-attacks. The distributed ledger system also allows businesses to track assets in real time, providing greater visibility into their operations.
Blockchain technology also provides a fixed record-keeping system which is tamper-proof and transparent, making it easier for companies to audit their records.
Using blockchain in the pharmaceutical industry
Blockchain technology gives healthcare providers and patients better access to medical records. This is especially beneficial for those who are managing chronic conditions, have multiple physicians, or cannot easily travel.
The blockchain allows for secure sharing of medical records between providers, meaning all of a patient’s information can be accessed in one place, eliminating the need for patients to keep track of multiple documents and makes it easier for providers to coordinate care.
By utilizing blockchain technology, each step of the supply chain is recorded on a secure ledger. This allows for improved visibility and accountability between stakeholders, and helps to reduce the risk of counterfeit drugs entering the market.
The blockchain can also be used to create smart contracts which automate certain processes, such as payments or product deliveries. This automation eliminates paperwork, reduces costs and streamlines communication between stakeholders in the pharmaceutical industry.
Blockchain technology provides a secure and transparent platform for data storage. This would ensure the data is not tampered with or modified in any way, while also providing a single source of truth for all stakeholders involved in the process. This facilitates faster and more accurate data analysis by allowing researchers to access real-time insights on trials without compromising patient privacy.
It can also enable more efficient tracking of clinical trial progress and ensure all participants are held accountable for their actions.
Pharma companies can ensure their supply chain is compliant with all government regulations by storing information such as product origin, manufacturing and shipping records, expiration dates and more in the ledger. This ledger can be shared across all stakeholders in the supply chain process, providing an easy way to track and audit compliance with industry standards.
The blockchain also provides a platform for automated smart contracts to ensure all parties involved in the transaction are following the rules set forth by regulatory bodies.
By using blockchain, pharma companies can track products from manufacturer to consumer in real time, ensuring counterfeit drugs are not entering the supply chain. Blockchain-based systems will also streamline the process of tracking recalls and expired medications, minimizing any potential harm to consumers, as well as reducing costs associated with recalls and managing inventory.
It also allows for more efficient tracking of data related to drug distribution and usage. This data can then be used by pharmaceutical companies to better understand their customers’ needs and optimize their product offerings.
Streamline and secure your pharma company’s operations with blockchain tech
Blockchain technology is revolutionizing the pharmaceutical industry by allowing for a transparent way to manage inventory, provide better access to records and reports, and ensure security and compliance.
BCS365 specializes in assisting pharmaceutical and life sciences companies to enhance, streamline and secure their infrastructure with targeted digital technologies. Talk to them today and discover how the blockchain will boost your company’s operations.