Drug Traceability based Blockchain
Budget: $30 – $250 USD
Problem: The drug counterfeit problem is one of the major problems in the healthcare industry. With around 10 to 30% of the drugs counterfeit, it is high time for healthcare institutes to fix it for good. Not only they lose millions of dollars of revenue but also impacts the patients. Right now, the amount of counterfeit drug market is now worth $200 billion annually. The two main countries which are the largest producer of counterfeit medicine is China and India. That’s a huge issue, and it needs to be fixed using blockchain. Counterfeit medicine is generally more harmful as they either do not contain the necessary ingredients or consists of different ingredients.
Solution: Blockchain can solve all these issues by providing the security and drug traceability. Blockchain works by adding transactions to the block. These transactions are immutable and are also timestamped for later verification. So, if the whole supply chain is moved to the blockchain, all of the issues can be fixed. This is a perfect example of the blockchain use case in pharma.
The hospital information system can work with a private blockchain if they need. The most appropriate solution is to use a hybrid blockchain with some aspects of it being private and others to be public. This way they can not only keep their data safe but also communicate with other systems and share public information.
All drugs need to be registered on the blockchain before they began circulation. So, if a drug record is not found on the blockchain, it can easily be deemed fake and discarded from the supply chain. This simple method can be used to check the authenticity of the drugs.
Blockchain will also provide an end-to-end solution where platforms can work together. The systems will be able to track drugs and improve the whole process of how drugs are supplied to the retailers and patients.
Startups or solutions implementing the use cases include SAP Pharma Blockchain POC app, Novartis, GEM, Chronicled
Solution: Blockchain can solve all these issues by providing the security and drug traceability. Blockchain works by adding transactions to the block. These transactions are immutable and are also timestamped for later verification. So, if the whole supply chain is moved to the blockchain, all of the issues can be fixed. This is a perfect example of the blockchain use case in pharma.
The hospital information system can work with a private blockchain if they need. The most appropriate solution is to use a hybrid blockchain with some aspects of it being private and others to be public. This way they can not only keep their data safe but also communicate with other systems and share public information.
All drugs need to be registered on the blockchain before they began circulation. So, if a drug record is not found on the blockchain, it can easily be deemed fake and discarded from the supply chain. This simple method can be used to check the authenticity of the drugs.
Blockchain will also provide an end-to-end solution where platforms can work together. The systems will be able to track drugs and improve the whole process of how drugs are supplied to the retailers and patients.
Startups or solutions implementing the use cases include SAP Pharma Blockchain POC app, Novartis, GEM, Chronicled