ERP News

Blockchain for Pharmaceutical Supply Chain Provides Cheaper, Safer Meds

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Blockchain seems to be the ubiquitous solution for technology issues these days. With new applications seemingly in every possible venue, it should be no surprise that recent reportsindicate that the technology will create safer and cheaper medications as well.

Safer medication

Medication is complex to source, and often supply chains can be mixed up, opening the door for counterfeiting. This problem results in huge amounts of unsafe medication coming to market without appropriate levels of supply chain transparency, putting users at risk.

Recent efforts from companies like Pfizer, BlockRx, and Genetech have sought to create blockchain systems that track the supply chain of medications from pre-manufacture all the way into the patient’s hands. Such a system provides a meaningful way to protect consumers and create rapid transparency and compliance for state and federal regulation.

“Projects also seek to provide their own innovative solutions. BlockRx, for example, is a series of initiatives by blockchain company iSolve LLC and aims to provide a framework to supply chain compliance as the laws and regulations take effect worldwide.”

Supply chain rethink

Blockchain technology has already been used successfully in the supply chain marketplace.

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