Blockchain Technology in Pharma and Healthcare – Future Forward
Blockchain Technology is a method of recording information that makes it impossible or difficult for the system to be changed, hacked, or manipulated. A blockchain is a distributed ledger that duplicates and distributes transactions across the network of computers participating in the blockchain
Blockchain increases trust, security, transparency, and the traceability of data shared across a business network and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.
Blockchain technology in Pharma Industry is used to track, trace and record how drug shipments travel across an entire supply chain. Blockchain in pharma enables such a system to automatically flag potential problems without requiring stakeholders to spend lots of time and efforts to locate the problem.
By utilizing blockchain technology, each step of the supply chain is recorded on a secure ledger. This allows for improved visibility and accountability between stakeholders, and helps to reduce the risk of counterfeit drugs entering the market.
Blockchain's distributed ledger technology facilitates the secure transfer of patient medical records, strengthens healthcare data defenses, manages the medicine supply chain and helps healthcare researchers unlock genetic code.
Blockchain in healthcare has the potential to help solve these problems by providing a secure and transparent way to store and manage clinical trial data. With blockchain, each step of the clinical trial process would be recorded on the blockchain, making it easy to track data and identify errors.
A blockchain is a practical alternative for managing the substantial volume of data handled by the healthcare sector due to its security, effectiveness, availability, accessibility, and other benefits. A blockchain enabled system is essential for the management of medical records.
By securely transferring patient records among health systems, blockchain technology can improve the coordination of member health management, lower transaction costs and risks, and support medical tourism.
Blockchain technology essentially creates a layer of trust by facilitating immutable records over distributed ledgers. It also provides the right privacy, security and eliminates human discretion by employing rule-based actions using smart contracts, making it resistant to modification and tampering.
Regulatory Framework for Blockchain Technology in India
National Strategy on Blockchain has been formulated by Ministry of Electronics & Information Technology, Government of India with the vision to create trusted digital platforms through shared Blockchain infrastructure; promoting research and development, innovation, This strategy document lays out overall vision towards development and implementation strategies for a National Blockchain Platform covering the technology stack, legal and regulatory framework, standards development, collaboration, human resource development and potential use cases. It is envisaged that this strategy document would provide the necessary guidance and support for realizing the vision and creating a nationwide ecosystem for creating the National Blockchain Platform and development of relevant applications using this platform in various domains.
Pharma Giants like Pfizer, Amgen and Sanofi have already started using Blockchain Technology to streamline the process of developing and testing new drugs in their factories and it will not be long before other Pharma Companies follow suit.
NITI Aayog, India’s think tank, has partnered with Oracle, Apollo Hospitals and drug maker Strides Pharma Sciences to work on a real drug supply chain using blockchain technology in a move to curb fake medicines.
The NiTI Ayog elaborated on the state of counterfeit drugs in India citing a recent report by World Health Organization that “estimates 20% of all drugs sold in India are fake”. The report also mentioned that India, largest producer of generic drugs in the world, is reported to be the source of 35% of all counterfeit drugs sold worldwide.
It will be a boon for the Healthcare sector also to adopt Blockchain Technology for its many benefits and cost savings.
LSWLifescienceworld
www.lswlifescienceworld.com