What is the Potential of Blockchain in Pharma?

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 In the highly regulated pharmaceutical business, Blockchain in Pharma technologies has the potential to improve transaction transparency, efficiency, and reliability. the possible application of blockchain technology to address the Drug Supply Chain Security Act’s (DSCSA) data-sharing obligations for trading partners.

Blockchain In Pharma Supply Chain 

Every industry’s largest difficulty is effective supply chain management, In healthcare, however, there is an added danger and complexity because a faulty supply chain can jeopardize patient safety. A convoluted health supply chain has resulted from increased adoption of technology and globalization in an industry with various players.

Estimates suggest that the sale of counterfeit pharmaceuticals is twice that of legal pharmaceutical commerce, posing a serious problem.

The blockchain in pharma has the potential to improve the supply chain’s transparency, immutability, and audibility.

• Security
• Integrity
• Data Provenance
• Functionality

In the pharmaceutical supply chain, blockchain can help control inventory while also reducing counterfeiting and theft.