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Blockchain technology has shown explosive development and application in the financial sector.

Author:Hubi Date:2018-07-25 14:19:39

Can the blockchain have room to play in the health field? In recent days, CEOs who focus on artificial intelligence and big data analytics have issued texts listing five major applications of blockchain in the pharmaceutical industry. He pointed out that some of the most important features of the current blockchain are still far from being developed and developed in the pharmaceutical industry.


In the pharmaceutical industry, one of the key issues in the manufacturing supply chain is the large number and incompatibility of computer systems, leaving manufacturers with little visibility into end-consumer sales. Some problems in this case can be easily avoided with the blockchain. The blockchain provides real-time data access visibility across the entire pharmaceutical supply chain, from the ingredients supplier's product code to the pharmacy's dispensing prescription to the patient.


In the manufacturing supply chain, another huge economic burden is to pay third-party companies a handsome salary to provide research on the circulation of medicines. This huge cost can be greatly reduced by adopting a blockchain-based tracking system.


Drug safety


The main problem of drug safety in the drug supply chain is how the drug was originally manufactured. The traceability of the active pharmaceutical ingredient (API) in the actual production process is a very difficult process, if the drug that does not detect the expected API once enters the circulation area, it may eventually lead to consumer harm or even death.


The advanced features of the blockchain enable it to provide the basis for complete traceability of pharmaceuticals, from the initial manufacturer to the final consumer, while also accurately identifying the specific location of the supply chain at the point of failure.


Inventory management


Despite ongoing efforts by supply chain managers, the preparation of demand-based pharmaceutical stocks can be a daunting task if it is not possible to provide adequate visibility into the supply chain.


With better visibility into the wholesaler's inventory, manufacturers will be able to manage inventory within a shorter total holding period, thereby creating efficient product circulation and stable financial returns. With the increase in the company and inventory ledger, these serial tracking and tracking features of the blockchain will gradually become an inevitable choice for pharmaceutical companies.


Public safety and consumer awareness


Among the many public safety issues that currently exist, blockchains can increase the efficiency of providing safe and effective drugs to consumers. Using a blockchain pharmacy and other retailers, they can obtain real-time data at the push of a button, and improve their internal and external inventory by tracking in-store and in-transit information.


Blockchain can fill the global pharmaceutical supply chain gap and ease its direct impact on the overall population. Taken as a whole, it is very important to provide a strong foundation platform for all patients and communities that is reliable and safe to practice. The blockchain can integrate these values ??by generating informative, real-time responses to events that potentially affect patient health, such as the debut of prescription drugs and product recalls.


Clinical trial management


There are many examples of integrating the blockchain into the clinical trial management process. There are two prominent major potentials. The first is the supply chain of macromolecules. At present, more and more biotechnology companies are developing macromolecules from various sources, which has created a huge demand for digital ledgers. Identify and verify the road to the final listing product.


Currently, the benefits of blockchain in the pharmaceutical supply chain industry and the positive impact on suppliers, clinicians, and the public are gradually emerging. It is foreseeable that in the pharmaceutical industry, with the launch of more and more blockchain initiatives, the number of application cases generated in this field will easily exceed the financial industry.