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At present, every industry’s basic yet crucial requirement is to manage the supply chain effectively. Though in the case of the healthcare and pharmaceutical industry, this concern is ever graver. This is because of the additional risk and complexity that a compromised supply chain can affect a patient’s health.
There has been a remarkable increase in the adoption of technology, industry and globalization that is immensely populated with numerous stakeholders. Their presence in multiple jurisdictions has given rise to a very complicated health supply chain. With such an advancing pace of technology, pharma and healthcare industries have moved past the basic supply-chain track and trace towards the growing Blockchain Technology.
How does Blockchain Traceability work?
Blockchain technology in every industry holds the potential to enhance the security, data provenance, integrity, and even functionality of the supply chain due to its auditable, immutable, and transparent nature. Let’s take a general supply chain to understand the process of Blockchain Traceability.
Here, the produced goods have a certain QR code that consists of a timestamp, item name, manufacturing date, expiry date, and location, stored in the blockchain. This also generates a relevant hash id for transaction tracking in the future.
Then, the logistics take over the goods while there is real-time tracking of the location of the goods. In case of cold-shipping or even temperature-controlled transferring of merchandise, the temperature of the container is also stored in the blockchain’s immutable distributed ledger in real-time.
Once received the goods, the hash-id from the blockchain verifies their origin and all the other details of identification, finishing with digital signing for consignment acceptance. This is also stored in the blockchain.
A thorough validation is carried out using the hash id. This id is non-accessible outside as it can only be retrieved from the blockchain software application. It is accessible only using a private key available to only stakeholders directly. Therefore, any discrepancies like fake goods inclusions, and counterfeit goods can be easily identified and reported. Finally, the blockchain also stores the legal transaction between distributors and marketplaces.
While buying goods, users can access the manufacturing details through QR code scanning and fetching from the blockchain. The corresponding rating and feedback are also secured on blockchain for further access and to encounter the rate of its effectiveness/usefulness.
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Therefore, in case of negative feedback, every step is traceable with the Blockchain’s traceability feature one step at a time to check where the issue can be found.
Is Blockchain the Solution to Drug Traceability?
The pharma and healthcare industries are generating the ability to trace and track the drugs manufactured and then shipped to be stored on the shelves and relevant healthcare facilities. What is better than the blockchain solution? The entire health supply chain can be effectively traced with this transparent and immutable technology. Let’s see how!
Utilizing the blockchain-based software solution for the pharma supply chain will ensure complete visibility of the movement of drugs between each set of stakeholders. This drug traceability will facilitate drug flow optimization and efficient stock management.
Decreased counterfeit-based loss
The presence of blockchain technology can ensure that the entire supply chain is pre-visualized including all digital transaction points. This will enable clear visibility of possible vulnerable points in the supply chain reducing the chances of the fraud and respective monetary loss.
Accountability with Transparency
Every moment of the entire supply chain is clearly open and transparent across all stakeholders for not only the transit duration but also the actions of stakeholders. It will be quite easy to detect the faulty milestone (stakeholder) of the journey after which the problem in the supply chain occurred.
Efficiency in Recall Management
Blockchain technology is capable of keeping a track of where the last location of every medicine within the supply chain is. In the case of restocking, the respective reminders can be sent out to keep the patient’s health up to the mark.
The above clarifications clearly prove that Blockchain technology is indeed a great way to carry out efficient drug traceability. In fact, there is possibly no better option when you look at the benefits it will entertain.
Impact of Blockchain-Based Software on Drug Traceability
The blockchain software application is a necessary tool at present to combat the various vulnerabilities and inefficiencies of the drug supply chain. It has been proven upon various case studies that consumers are more than likely attracted to commodities and products that have undergone authentication and reviewal prior to the purchase. The fact is, that if the product you
are looking at is effectively traceable to the manufacturer of its source, then that item is trustworthy and purchased.
In the case of pharmaceutical products, since it is a matter of life and death for a consumer, traceability becomes crucial. Counterfeit drugs cost numerous lives around the world and consumers are genuinely concerned when it comes to buying a drug. Drug traceability is gradually becoming a thing of the present and future as an ethical capability, in order to prevent criminal activity in the pharma supply chain.
Therefore, Blockchain-based software is emerging as the dawn of the new age where consumers demand transparency, and blockchain lays it out precisely. The blockchain software application provides functionalities that not only impact the supply chain management operations enormously but also pharmaceuticals, particularly through the process of drug traceability.
Interwork: An Aid in Pharma Industry
When it comes to digital advancements, Interwork has proved to be a leading innovator with its out-of-the-box innovations and software solutions. Interwork has dipped its feet and gradually stepped entirely into various domains like Healthcare & Life Sciences, Urban Mobility, Aerospace & Defense, and Oil & Gas causing major technological innovations.
You can be assured that with Interwork, every solution provided for your problems would be well thought of and tested to ensure maximum benefit for your services in your industry. This is exactly what Interwork hopes to achieve with Blockchain-based software being offered. You can get in touch with our experts to gather a deeper intellect in our procedures as well as products for all your industrial needs.