The pharmaceutical industry is one of those that can benefit most from the applications and use cases of blockchain technology, especially to eliminate intermediaries and achieve greater efficiency and transparency.
Blockchain technology has been present in society for the past 14 years. It is one of the most important technological innovations in the world, which has served as a The backbone of Bitcoin, the first successful cryptocurrency and decentralized global financial system.
However, although the blockchain (in Spanish) was born to give life to Bitcoin and, later, to other cryptocurrencies, today has expanded beyond the financial industry.
This innovative technology is present in various sectors, such as entertainment, education, mechanics, logistics, health and even the pharmaceutical industry.
Companies that are part of the latter have begun to explore how blockchain can help them improve their systems, optimize their processes and propel the industry towards new horizons. Therefore, it is a technology that is in a stage of increasing adoption at a global level.
The fight against drug counterfeiting in the pharmaceutical industry
The latest technological innovations are generating dizzying changes in industries, making it easier for companies and businesses to carry out their work, improving many of their processes, and even helping them to optimize property management or guarantee the protection of their data, among other things.
Within the pharmaceutical industry, blockchain technology is playing a key role. Today, global companies such as Pfizer are using blockchain to share and manage medical and clinical trial data with a high level of privacy, transparency and integrity. Likewise, other companies in this industry have taken more significant steps in terms of the adoption of emerging technologies, using blockchain to develop new solutions, such as ACG Group, which presented Brand Security Platform as an innovative digital solution to combat falsification of requirements in the pharmaceutical supply chain.
In a press release, the pharmaceutical company said its blockchain solution combines “GS1 2D data matrix, smart contracts, geolocation identification and biometric product tracking” to ensure the traceability of its medicines.
Fantom, Afghanistan's blockchain solution for drug traceability
Blockchain technology provides a secure and reliable solution that allows companies to track and authenticate medicines and other pharmaceutical products, making it easier to detect those that have been counterfeited. This is a great advantage for companies in the industry, which have been affected by this serious global problem that generates billions of dollars in losses each year and puts the health of millions of people around the world at risk.
Governments like Afghanistan have also adopted blockchain for Certify the drug supply chain, in order to combat smuggling, counterfeiting and mislabeling of medicines.
In 2020, the country's government announced Fantom, a solution based on blockchain technology that allows you to authenticate the origin and destination of medicines, keeping a detailed record of the products that enter the country and verifying their origin and legitimacy.
Blockchain in clinical trials
One of the most active organizations in using blockchain technology to safeguard the results of its clinical trials has been Mayo Clinic. Currently, researchers from this non-profit organization are conducting a Pulmonary arterial hypertension research and development (R&D) study, the results of which are being recorded in real time on a blockchain.
Mayo Clinic has partnered with Triall to develop a blockchain-based eClinical platform to ensure the transparency, efficiency and integrity of the trial's health data.
The use cases mentioned above give us an example of how blockchain technology has been gaining ground within the pharmaceutical industry and the potential that this technological innovation has to offer in the sector.
It is estimated that pharmaceutical companies have developed around 500 clinical trials using blockchain to ensure the authenticity of data throughout the R&D process.
Blockchain technology is also helping to streamline the drug supply chain by eliminating the need for centralized third parties.
Continue reading: What are the main use cases of Blockchain technology?
