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Drug Firms have Developed Blockchain-Based System to Fight Counterfeit

Blockchain technology is gradually making waves in the mainstream, with the health sector particularly very open to the adoption of the technology. With blockchain adoption, it’s paving way for drugmakers and other drug delivery firms, retailers, and distributors.

According to a recent report, about 20 pharmaceutical companies have developed a blockchain-based system known as MediLedger Network”, which is used for tracking supply-chain medicines.

Some of the major proponents of the technology include CoLLY.N, Eli Lily, and Pfizer Inc. Some of the companies already have an established system that uses the blockchain technology to facilitate their sales and distribution network.

Blockchain network vital in the medical sector

The main reason why medical companies are quick to develop a blockchain network is the effectiveness of operations. It is needed for verifying, tracking, and supplying subscription drugs across their network of distributors and retailers.

For large pharmaceutical companies, the supply chain department is a very big department. To make sure that the department functions properly, the companies are turning to the blockchain network. Another vital importance of the blockchain-enabled platform is to minimize the flow of counterfeit medicines.

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Blockchain enhances transparency and trust

In every business setting, transparency and trust are important. pharmaceutical companies want to use blockchain technology as it can be used to share the database without worrying about trust and accountability.

With the use of a blockchain network in the medical sector, there will be an enabling environment for all parties to collaborate effectively.

Several companies on the same page

Some health and pharmaceutical companies are already in the rally for the blockchain adoption. They include Walgreens Boots Alliance, Walmart Inc, GlaxoSmithKline, Sanofi, Amgen Inc, as well as FedEx Corp.

CEO of LediLedger Custodian Chronicle, Susanne Somerville, said that MediLedger is already on the desk of the Food and Drug Administration (FDA). She emphasized that the report stressed the importance of blockchain to fight against counterfeit medicines.

According to Sussanne,

Even though the drug supply in the United States is safe, there are small percentages … of potential counterfeit drugs.

She said there is overwhelming evidence of some counterfeit drugs in the United States, which blockchain technology could combat.

Blockchain also impacting other industries

Apart from the medical industry, blockchain technology is also having impacts in other sectors. There are top companies investing millions of dollars to develop blockchain systems that would streamline operations in the respective organizations. Many experts believe that the widespread adoption of technology in the health sector will improve the sales and distribution of drugs within the industry.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.