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Blockchain, Blockchain for Healthcare, Featured

Blockchain to Change Drug Procurement in a Year

A large number of pharmaceutical shippers, wholesalers, and drug procurement manufacturers under regulatory pressure seem to adopt blockchain for tracing and tracking prescription drugs. The Global pharmaceutical industry under the regulatory controls is likely to bolster its ability to accurately tracing and tracking drugs it manufactures and ships to the store shelves along with health care facilities. 

Given the time of one year, the central and state government hospitals might be capable of getting an assurance of the quality and authenticity of medicines procured in bulk. It is due to the fact that it intends to make the technology in assuring traceability of such medicines. It does so from the point of supply to its ultimate destination. 

Present Situation: Drug Procurement Databases

Presently, the pharmaceutical industry worldwide utilizes a patchwork of Central databases dependent on the electronic data interchange standard. It highlights point-to-point connections between distributor and manufacturer. It happens to be a costly system and makes interoperability approximately impossible. This approach is further open to the risk of diversion. Moreover, there is a trust gap between systems. It is one of those reasons why government officials are looking forward to a solution to advanced integration.

Also Read: Real-World Blockchain Use Cases

Testing of Proof of Concept

According to officials, the earlier test in the proof of concept was successful. Presently, according to the learnings, the big documents are going to be fulfilled in quite some time. 

Following a transparent bidding procedure, officials are likely to bring in a system integrator for developing a blockchain. It will be a part of the medical supply chain infrastructure. It is because any entity or state if looks forward to procuring a medicine, can utilize this blockchain network. 

According to officials, the ultimate completion in the request for the proposal process is likely to approximately require at least three months. However, the implementation is expected to take 9 months. Officials are looking forward to rolling it out after one year. But, the best part is that they have performed the proof of concept testing. They also have understood the challenges present while onboarding a purchaser. 

Blockchain is a distributed ledger technology allowing data storage in numerous servers within a decentralized procedure. One can approximately view it in real-time by having access. It can be said that this technology will provide buyers with the comfort of understanding that the medicines they happen to be procuring are from the identical supplier that they had put the order with. Apart from that, there remains no tampering when it comes to quality. 

Also Read: Role of Blockchain in the Life Sciences Ecosystem

Wrapping Up

When it comes to medicine, one can consider it to be effective if the accurate temperature controls are not up to the mark, even though that might not be spurious. As far as blockchain comes into consideration, it comes with the capability to perform both. Blockchain provides you with traceability. It also lets you know whether, on the procedure, the temperature limits are accurate or not. With the help of the Internet of Things, this information also happens to come in the distributed ledger. 

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