“Pharma, as directly related to human health, needs to be the most secure, transparent and trustworthy sector of all”
It’s not just about bringing innovation in the R&D of pharma, but more importantly, it’s about the technical advancements used in Pharma, to grow the processes more secure and bring out the best of how the health centers execute today.
A shared permanent immutable, ledger of information, makes it possible to record data and verify the source of information. Thus blockchain allows working with one single factual record throughout all the peers of the blockchain network.
Blockchain can bring about collaboration between relevant industries and institutes for revolutionary progress in drug research and development. It would also alter the apply chain and other processes management like never before.
Along with the aid of AI, NLP, and machine learning, blockchain also holds great potential which makes data analysis and mining easier to a great extent.
Some of the major issues in the pharma sector in the conventional system:
Time-consuming Data analysis:
A lot of time and money is involved in the data analysis and storing, in the conventional system of pharma management.
Lack of transparency:
There is very less or zero visibility in regard to knowing the original source of drugs. This may also lead to adulteration in the drugs, which can prove highly hazardous. A less transparent system is highly insecure.
Regulatory compliance issues:
Due to the import and export of drugs amongst the nations, it is very important that the regulatory compliances are adhered to. But in the conventional system, it is difficult to trace, if the drugs are regulatory compliant or not. That creates a critical issue to be tackled on high priority.
As pharma is directly related to human health, it is a more vulnerable sector and the cases of drug counterfeiting are increasing daily.
Complex data mining process:
There is no proper system in place that would help in easier and faster data mining and processing. This needs to be resolved for smoother and faster R&D.
Partners involved in blockchain network for pharma industry:
The authenticity of data and processes is what smart contracts promise. There can be a direct communication between the pharma centers and the patients. The system definitely becomes patient-centric and that’s what the ideal scenario is.
Smart contracts make the transactions rapid, safe, and cost-efficient as there are no central authority dependencies involved.
The partners involved in the pharma smart contract for the blockchain network are the patients, the paramedics, pharma companies, R&D centers, consultants, supply chain managers, academic institutions, and other relevant parties. This technology of digital ledger totally eradicates the need for middlemen, thus saving onto cost and time as well, along with making the system highly secure.
How Blockchain can help overcome the issues and improvise the system:
Faster clinical trials:
Blockchain makes the executions faster thus improving the pace of clinical trials to a large extent.
The elimination of third-party middlemen made the processing and functioning cost-effective, which could fund more to the R & D.
The blockchain smart contracts that work on consent and immutable record storage, definitely help the system become more transparent, trustworthy, and secure.
Traceability of supply chains:
Even if it is cold- shipping( shipping of drugs that needs cold storage) or regular shipping, the supply chain is taken care of and the processes become accurate when blockchain comes into the picture.
Prevention counterfeiting of drugs and medical devices:
As the system becomes transparent and the involvement of third parties is reduced, there is a very low risk of drug counterfeiting. This also promotes accurate dealing of authentic drugs.