Blockchain has made a name for itself ever since its arrival. The era of blockchain has initiated itself and today blockchain is emerging as an important part of every major industry be it oil and gas industries, or the technical industries, blockchain is establishing itself prominently in every field.
Blockchain technology has introduced the new monitory exchange in the form of cryptocurrencies. Well as compare to the conventional payment method via credit cards, wire transfers, and other, cryptocurrencies like Bitcoin provides quicker and less expensive ways to accept the payment by the customers. These transactions that are occurring provides more power to the retailers as compared to the consumers.
The technology allows to record digital events and no change can be made in the data recorded until that data reaches the recipient. This security of the data is the most significant advantage of this technology which is the main reason for the increasing immense popularity and widespread use of it by several organizations.
According to the reports, blockchain startups raised $1.4 billion in 2016 and the figure is consequently rising. Banks around the worlds are also using this technology and are saving whooping amount in the form of billions of dollars as the banks using this technology are able to save $8-$12 billion dollars annually.
With the increased use of technology, it has led to the establishment of several Blockchain development companies which aims to build blockchains. This company develops companies has which provide or give easy and secure records of transactions as security and transparency are the main motos of the technology.
Blockchain has evolved the pharma industry, as well as its features, are a perk for the pharma industry such as-
- Management of the data
As we all know day by day a lot of data us being generated in the pharma field and thus it is being difficult to manage all these data records thus Blockchain technology will provide management of all these data by storing them and they can be accessed according to the desires and needs of the user.
- Billing management
A lot of frauds occur worldwide with the U.S marking more than $30 million loss due to these frauds, thus use of blockchain system could help in minimizing these incidents, also reduction in admin costs for billing can be observed as there is elimination of the intermediates with use of blockchain and also increment in efficiency will be there.
- Safety of the drugs
Drug safety starts with the initial step of how the drug is being manufactured. It is quite difficult to track down the active pharmaceutical ingredients so without knowing the active ingredients if a drug is being sold that it could be dangerous and could cause harm to the consumer and could be even fatal.
In recent years it has been seen that the death toll has raised a lot due to this issue and has been increasing. But with the help of blockchain, it is now possible to provide a basis for the complete traceability of the drug right from its manufacturing to its consumer it gives all the information and with the help of blockchain, it is also possible to know where the supply chain broke if any issue arises.
- Inventory management
Despite putting a lot of efforts due to the lack of proper visibility it becomes quite difficult to prepare the inventories based upon the demand for the pharmaceuticals, but with the help of blockchain, the inventory level can be managed efficiently and then the demands can be met accordingly.
The flow of the products will become more efficient with the help of this and financial gains can also be obtained. The industry is rapidly growing, and it is expected that soon this technology will become a necessity for pharmaceutical organizations.
- Public safety and awareness
A lot of safety issues come up with the pharma industry but with the help of blockchain, all these issues can be solved as it will improve the efficiency of delivering a safe and effective medicine to end consumer-patients. The movement of the products can be tracked with the help of blockchain. Thus blockchain provides a strong foundation of trustworthiness and safe practices for all the patients and community as a whole.
- Clinical trial management
Blockchain is being used in the clinical trial management as well as large molecule medicines are being developed by several biotech companies which have raised the need for digital ledger so that various points can be identified and validated along the path to a final product for the market.
Along with this blockchain is also useful for the safety of the patients and to provide accurate results from the patient studies as it acts as a secure and decentralized ledger to maintain all the complex data.
Nevertheless, there is no doubt that blockchain has taken up the pharma industry by storm and the landscape of the industry is quite changed with its arrival in the market and certainly, the technology is going to progress more in the field and will be the key pillar of change in the pharma sector.