Blockchain In Pharma Supply Chain



Blockchain is the rapidly growing buzzword of the moment. This Forefront technology is being the solution to multi industries ranging from Solar Energy, Railway, Agriculture, Education, to Various Supply chains. All these industries are subsumed under the umbrella of Blockchain.

Nowadays the Supply chain management is being the head-spinning problem for most of the Organizations. Every industry has separate Supply chain management to streamline their activities and to maximize its customer value.

Hence, according to Statistic, By 2022, the spending on blockchain solutions globally will reach .7 billion. In its order, the global pharma industry too facing a problem of supply chain management, Drug and patient safety as its being so conservative and slow-moving.
This entire blog is About What Blockchain is and how it works in the context of Pharmaceuticals and healthcare.

Challenges in Pharmaceutical Supply Chain

Before taking you into this blog, let me give an overview of what Pharmaceuticals is and its Supply chain.

What is the Pharmaceutical Industry?

Pharmaceutics is actually a discipline of pharmacy that deals with the process of converting an old drug into a medication for the patients.

We often came up with the word pharmacy and pharmacist, yes Pharmacy which is a place where one can buy medicine and Pharmacist defines a person who prepares the medicine.
As a whole Pharmaceutical is anything that related to pharmacies or pharmacists. But Especially it refers to medicine.

Blockchain in Pharmaceutical Supply Chain

The Pharmaceutical distribution chain in this 21 st century has grown immensely, but still lagging behind in technologies and management systems to simplify the process. Hence blockchain can provide, significant benefits. Blockchain in the Pharma industry provides real-time information to all the users in the supply chain to prevent fraud and to enhance patient safety.

A blockchain is a Software or public ledger or a distributed database, Store every data and group them into sequentially ordered blocks. It is an open-source technology and anyone can access the details at any time. By experiencing the security, integrity, and transparency of the technology, many industries started to use it for their enhanced data storing and retrieving methodologies.

Read more about the Working of Blockchain in Pharma Supply chain

Get a Free Consultation With The Blockchain Development Company

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