Why are Pharma Companies Moving Towards Blockchain Technology

Why are Pharma Companies Moving Towards Blockchain Technology?

Since the moment Blockchain entered the Technological era, various industries have been remarkably impressed and affected in equal amounts. While its inception came from cryptocurrency for the Bitcoin movement, other industries have realized its importance in their domains as well. One such domain is Healthcare and Medical. To understand how pharmaceutical companies have utilized this technology and why the migration has been deemed a necessary milestone in the history of the pharma timeline, we need to gather about the individual importance of Blockchain Technology foremost.

Blockchain Technology: The Know-How

Blockchain is a Distributed Ledger Technology (DLT) that has enabled authentic and ownership-authorized transaction records at multiple portals (distributed among systems having copies) stored and identified uniquely with a hash code. In layman’s language, a blockchain is a chain of irreversible blocks, each consisting of an individual transaction record. Its numerous applications in various sectors are due to its unique set of features for the records such as,

  1. Permanent (cannot be deleted/edited once procured)
  2. Immutable(cannot be challenged once approved)
  3. Signed (verified and ownership authorized)
  4. Time-stamped (exact date and time of transaction recorded)
  5. Hack-safe (safety from hackers due to multiple copies with its distribution technology)

One of the most important features or benefits of Blockchain Technology is its un-hackable digital presence. This is possible due to the distribution of blockchain networks as copies over thousands of computers across the world that ensures that if one copy has been tampered others remain secure. In fact, the level of authentication and authorization required for the access is remarkable making it even more secure. Hence, the presence of this technology at the top of the list of necessary features for every industry is not surprising at the moment. The same goes for pharma companies. Their preference for Blockchain in Healthcare Industries for their assets of various types, transactions, identities, and contractual documents is at an all-time high.


Potential Uses of Blockchain in the Pharmaceutical sector

According to an expert’s advice and research, it has been realized that the primary use of blockchain technology in pharma companies is to keep a ledger of ‘truth’ to serve as a recorded ledger for dealings and sensitive information sharing with pharmacy managers, contractors, manufacturers, patients, physicians, researchers, R&D collaborators, regulators, and even regular staff. Aside from this, there are several other potential uses of blockchain technology in pharmaceutical companies.

  1. Aiding Physicians and medical practitioners
  2. Facilitating Patients
  3. Cost payers access to medical files
  4. Pharma access to records
  5. Sharing prescriptions
  6. Supply chain betterment
  7. Clinical trial data tracking
  8. Tracking data reporting
  9. Tracking quality of care-taking
  10. Event tracking and reporting in the case of any adverse occurring

Looking at the current preference statistics, the time is not far when the entire pharma industry will rely on blockchain technology for its ledger keeping.

Pharma supply chain Enhancement with Blockchain

It can be seen that the utilization of blockchain technology is mostly due to its secure and rapid transaction capability from anywhere in the world. Due to this, the entire pharmaceutical industry is banking on its capabilities to improve its supply chain. This is possible as blockchain provisions an auditable trail for drug origin across the entire pharma supply chain. This provision is beneficial for both manufacturers and their clientele to keep track of the provenance of drugs for quick and prompt verification.

Some of the other benefits of blockchain technology recognized primarily today in the pharma industry are security and transparency. Blockchain technology allows a single piece of software to be shared among several stakeholders. This allows them to review and update data while ensuring the data is efficiently timed and accurate.

Read Also:  The Most Innovative Things are Happening With Blockchain for DSCSA Drug Serialization

Alongside, blockchain technology ensures that we can track the complete movement of drugs from its point of source to every stop in between and destination to be assured that no tampering, diversion, or counterfeiting has been initiated at any point. Every checkpoint can be verified and authorized until the moment it reaches the patients for their safe consumption. Even if some manipulation takes place at any point, all relevant stakeholders are notified automatically and the culprit can be apprehended at the right time before the manipulation can cause anyone harm.

One more tracking benefit can be observed. The manufacturers can be traced at any time to rule out possibilities of potentially harmful products as well as the possible destinations these have been delivered to. Hence why we can see the movement of Pharma Companies towards Blockchain Technology is evidently predominant.

Interwork: A Cutting-Edge Software Solutions Innovator

When it comes to digital advancements, Interwork has proved to be a leading innovator with its out-of-the-box innovations and inventions along with state-of-the-art facilities for software solutions provisions. Having caused enormous transformations in terms of technology solutions, Interwork has dipped its feet and gradually stepped entirely into various domains like Healthcare & Life Sciences, Aerospace & Defence, Oil & Gas, and Urban Mobility.

A Need is the mother of all Inventions

Every industry today requires a technology that can combat all its digital roadblocks and every solution arises from the ashes of pile-high problems faced by businesses and individuals. Nothing is gathered until we feel the need to acquire it and enable smooth working. This kind of need has been recognized, clarified, studied, and validated in order to bring into the fold the one technology that has become the bane of existence for several businesses: Blockchain.

A similar need was recognized in Healthcare and Pharma Industries as well. When the extent of Blockchain technology was realized, its applications added the Pharmaceutical Companies to the list as well for the above-listed benefits and its provisions. Interwork has carved its name in the Healthcare niche through its various Blockchain-based products today. With a team of future-overseeing innovators and professionally recognized developers, Interwork has been providing Pharma Companies with the best and utility-based technical solutions for the past several years now.

With Interwork, you can be assured that every solution provided for your problems would be well thought of and tested to ensure maximum benefit for your services in your industry. You can get in touch with our team of experts to gather a deeper intellect into our processes as well as products for all your industrial needs.

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