According to GlobalData, data and analytics company, blockchain technology will play a prominent role in supporting supply chain transformation in medical sector by aiding to bring down fraudulent activities, increase manufacturing quality and supply of pharmaceutical products.
The pharmaceutical industry is facing counterfeiting problems for quite a long time, World Health Organization (WHO) is estimating the cost to over $30 bn for counterfeiting of drugs.
Bonnie Bain says Bonnie Bain, Ph.D. Global Head of Pharma – GlobalData, “This isn’t just a financial loss; it also reflects the fact that in some markets, notably emerging economies, relying on ineffective medicines represents a risk to public health.”
Bain further added, “The challenge of tracking pharmaceutical products from lab to patient is a significant one, with multiple opportunities for external parties to introduce counterfeit products. The ability to trace the journey of an individual dose of medicine from the time of manufacture to the time it is administered could have a significant impact on patient safety and could dramatically reduce the financial losses associated with counterfeiting.”
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