Blockchain Technology for Pharmaceuticals: Applications and Rationale

Industry Overview

Pharmaceutical Supply Chain
One of the biggest benefits of blockchain technology is the ability to create an auditable trail and establish drug provenance across the entire supply chain. A survey conducted by Pistoia Alliance revealed that nearly 70% of pharmaceutical and life science leaders believe blockchain will have the greatest impact in this area.
Transparency and Security
With blockchain technology, the entire supply chain can be managed with one piece of software that is shared between authorized stakeholders. In addition to drug manufacturers and their suppliers, payers, providers, pharmacies, and patients can access the data and see when it is updated in near real time.
Remove Fraud
Blockchain technology also has the potential to help prevent diversion, counterfeiting and tampering, because drug products can be tracked from the time they are produced until the time they reach patients. Any attempts to change records will be visible to all parties immediately.