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Research Paper | Information Technology | India | Volume 9 Issue 8, August 2020 | Popularity: 2.9 / 10
Blockchain Applications in Pharmaceutical Supply Chain Management
Venkat Raviteja Boppana
Abstract: Blockchain technology has emerged as a transformative tool in pharmaceutical supply chain management, addressing critical issues such as counterfeit drugs, inefficiencies, and lack of transparency. By offering a decentralized and immutable ledger, blockchain ensures that every transaction and movement of pharmaceutical products is recorded in real-time, creating an unalterable chain of custody. This technology enhances traceability, allowing stakeholders to verify the origin, authenticity, and handling of drugs at every stage of the supply chain. Additionally, blockchain can streamline processes by reducing paperwork, speeding up transactions, and improving coordination among manufacturers, distributors, and regulators. One of the key benefits is its potential to combat counterfeit drugs, a significant issue that jeopardizes patient safety and undermines trust in healthcare systems. With blockchain, each product can be traced back to its source, ensuring that only genuine medicines reach consumers. Moreover, the transparency offered by blockchain fosters greater accountability, as all parties involved in the supply chain can access the same data, reducing disputes and enhancing trust. As the pharmaceutical industry becomes increasingly complex and globalized, the need for robust and secure supply chain management solutions has never been more pressing. Blockchain technology offers a promising avenue for addressing these challenges, paving the way for a safer, more efficient, and transparent pharmaceutical supply chain. While there are hurdles to widespread adoption, such as scalability and regulatory concerns, the potential benefits of blockchain in ensuring the integrity of pharmaceutical products make it a compelling solution for the industry's future. Through innovative applications, blockchain could revolutionize how pharmaceuticals are produced, distributed, and monitored, ultimately enhancing patient safety and trust in the healthcare system.
Keywords: Blockchain, Pharmaceutical supply chain, Drug traceability, Regulatory compliance, Counterfeit drugs, Data integrity
Edition: Volume 9 Issue 8, August 2020
Pages: 1594 - 1602
DOI: https://www.doi.org/10.21275/SR20087111542
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