Blockchain In Pharmaceuticals: The Benefits

Blockchain is an advanced technology that has made it possible for multiple parties (e.g., pharmaceutical companies, hospitals, etc.) to share data transparently and securely. Thanks to blockchain, pharmaceuticals can create an auditable, verifiable, and immutable distributed ledger of transactions, which again curbs the numerous challenges (e.g., regulatory compliance, counterfeit drugs/prescriptions, data silos, cold chain logistics, etc.,.) in the industry. Adopting blockchain in pharmaceuticals can thus have a significant impact on combating counterfeit and generic drugs. 

The pharmaceutical industry faces numerous challenges, most of which are not only costly but pose a health risk to patients as well. Blockchain technology provides a secure, decentralized, and open solution for most of these issues, a reason more and more companies are making the switch. Here are 5 benefits and ways blockchain can transform the pharmaceutical industry. 

Advantages And Uses of Blockchain in Pharma 

1. Seamless Access to Medical Records

Traditionally, it would take days, if not weeks, for health practitioners to pull patient records and critical data from past medical records. This would make managing most health conditions, especially chronic conditions quite a challenge, sometimes risking the patient’s life. Blockchain technology makes it possible for healthcare providers and patients to access medical records from a decentralized platform with just a few clicks. This is particularly crucial for patients who need to see multiple physicians or cannot travel to the providers with ease. Patients thus no longer need to keep track of documents from every health clinic they have been to, as it is already in the system. Health providers can share and access medical records all in one place. 

2. Boosts The Supply Chain

Miscommunication, and generic and counterfeit drugs are some of the biggest problems the pharmaceutical industry has to deal with. Sadly, very few people can distinguish between genuine and counterfeit drug. Counterfeit drugs pose a serious risk to patients, a reason governments and industry players are working hard to keep these off the shelves. Every step of a supply chain is however recorded on a secure ledger, thanks to blockchain. This alone improves accountability and visibility between the various stakeholders. This means potential issues and discrepancies can be easily detected and fixes on the secure ledger. In addition to this, some critical processes can be automated through the blockchain as well. By automating certain processes, e.g., product deliveries and payments, lots of paperwork and costs are eliminated. Blockchain also streamlines communication between the players, thus creating a favorable business environment. 

3. Boosts Clinical Research

Clinical research is crucial in developing drugs. Patient privacy, data protection, and collaboration between various research centers are the key drivers to testing and developing new drugs. Blockchain technology has made it possible for pharma giants to make significant steps towards developing vaccines and effective drugs, in record. Time. This can be greatly attributed to the decentralized and secure data-sharing portal that not only accelerates the R&D process but also improves efficiency while keeping drug development costs low. Some of the biggest giants in research and drug development such as Amgen, Pfizer, and Sanofi have been using blockchain technology to share, develop and test new drugs. 

With enhanced security, researchers can rest assured data is delivered unaltered. This means improved, faster, accurate and efficient tracking of all clinical trial processes with participant information kept safe and secure. Any crucial changes and recommendations are logged, and visible to all stakeholders. 

4. 24/7 Data Monitoring

Data monitoring is crucial in the health industry. All health records need to be up to date and optimized at all times, a reason researcher, doctors, and everyone involved works hard to keep it that way. Although the traditional computer systems were effective in this, they aren’t as efficient as blockchain is. One of the reasons for this is that blockchain makes the information available to all with proper credentials to access the same on the network. This means doctors, physicians, etc., can access and see changes in real-time. Blockchain thus helps reduce medical errors, improves medical record management, enhances clinical trials, and better billing management. 

5. Lower Overall Costs

Blockchain technology inherently improves certain critical processes in the pharma industry. with improved transaction processing, data transparency and security, and faster reporting, stakeholders no longer have to handle most of these processes manually. Reporting, auditing, and amending data all happen with a few clicks of the button. Blockchain thus streamlines processes that would otherwise be costly and time-consuming. It is also worth noting that blockchain-based systems process transactions and processes much faster than manual systems. The technology uses complex algorithms that make data access to all stakeholders easier and more affordable. 

Blockchain provides a fully digitized and faster processing method for all players in the pharma industry. From the benefits and applications outlined above, it is safe to say blockchain is the way to go. Many companies have already made the switch. Adopting this technology will also make healthcare simpler, faster, and safer for all.

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