The pharmaceutical industry plays a vital role in reaching healthcare goals. Blockchain has already been around for over a decade, and its application spans nearly every industry. But there is no doubt that blockchain technology has an array of use cases in various sectors. However, many experts claim that there are none better suited for it than a sector like the pharmaceutical industry. Many believe that there are several reasons why pharmaceutical companies and hospitals should adopt blockchain. Improving The Drug Supply Chain Traditional drug distribution channels are slow and inefficient. A small number of pharmaceutical companies control the entire process. This, in turn, makes it easy for unscrupulous people to game or exploit systems. For example, if you need to get your hands on a powerful opioid painkiller, you would need to find an unscrupulous distributor at each supply chain step who would be willing to move product from point A to point B for money. But unfortunately, there are loopholes built into that system that criminals can take advantage of in many cases. For example, they could mislabel drugs as one type when they’re another. This means law enforcement does not know what kind of drugs are making their way onto store shelves and into communities. So, by adopting blockchain technology, everyone along a supply chain can track vital information—from shipments to warehouse inventory to patient data. Sharing cri...
