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 reports indicate that the technology will create safer and cheaper medications as well.
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. Because Blockchain technology provides an immutable and transparent link between each stage of the production process, it provides a system that is simple to audit for regulators.
Simplicity of auditing and clear controls over the system mean far less expense in protecting consumers. This, in turn, leads to lowering prices for consumers, and increased confidence regarding purity and source.