Blockchain and Pharma

According to a report by BIS Research. The adoption of blockchain technology could save the healthcare industry up to $100-$150 billion per year by 2025.

Although pharma companies work with a big amount of data, there’s no unified pharmaceutical data storage. Each department often uses a separate data structure and model. It’s crucial for pharma companies though.

This is an area where blockchain can deliver efficiency and accurate results for pharma firms. According to the statistics, around 61 percent of pharma companies are already embracing AI, with blockchain implementation in the pipeline.

Blockchain is also well suited for protecting every aspect of the health distribution chain. One of the biggest challenges that affect the pharmaceutical supply chain is falsified medicines. These fake or compromised drugs are the result of poor manufacturing practices & techniques, ineffective storage, theft of drugs, of medicines, and the market penetration of low-quality or counterfeit products into the so-called gray markets. Blockchain can solve this problem by controlling such criteria as drug/ product identification, product tracking, product verification, counterfeit medicine detection & response, notification of relevant agencies like the FDA, and sharing required information.

Big data managing also can solve the problem of Drug Trial Data access, clinical trial bookkeeping, Finding the Right People for a Medical Trial Faster, and many others.