The Fight Against Counterfeiting Using Blockchain and Smart ContractsApril 29, 2020
One of the main tasks of blockchain is supply chain management, as well as the fight against counterfeiting. Counterfeit and substandard drugs are today a common problem in the pharmaceutical industry. According to some sources, the global market for counterfeit medicines is estimated at $ 200 billion. Using a smart contract system, it is possible to solve this problem by ensuring transparency at all stages of the production, delivery and sale of medicines.
Blockchain consolidation of all stakeholders
The risk of getting fake drugs arises at the time of transfer between the various stages of a complex supply chain (for example, between wholesalers, distributors and sub-distributors). At each stage of the transfer of drugs from the factory to the consumer, drugs can be stolen, replaced or falsified.
In medicine, the main idea of using blockchain for supply chain management is that each transaction associated with a prescription drug unites all interested parties on blockchain. Such stakeholders include manufacturers, distributors, pharmacists, doctors, nurses, and patients. In such a chain, any changes or attempts to counterfeit the recipe will be immediately identified.
In such a chain, starting from the medicine transportation and ending with the sale of medicines at the pharmacy, any changes or attempts to counterfeit the prescription will be immediately identified.
Blockchain is also necessary for recording information on the storage temperature of pharmaceutical products during transportation. This allows you to verify compliance with storage conditions.
Fighting Fake Medicines
The fight against counterfeit medicines is necessary not only because of the threat to the life and health of patients, but also in order to prevent the threat of the reputation of pharmaceutical companies.
Blockchain can solve this problem at a high level.A way to solve the problem is to record on the blockchain detailed information on pharmaceutical manufacturers, serial numbers of products and packaging numbers and other data. This will allow pharmaceutical companies, drug manufacturers and consumers to track the authenticity of medicines.This transparent process provides low-cost drug quality control and counterfeit tracking at all stages of the supply chain.
Thus,blockchain can provide a higher level of transparency, efficiency and reliability of transactions in the pharmaceutical industry. This allows real-time access to medicines information.