The blog details how a blockchain healthcare application mitigates counterfeit medicines. It explains how blockchain application development services provide solutions to the pharmaceutical industry to stop the influx of counterfeit drugs in distribution.
Blockchain, by its design, is immutable, reliable, and secure. Using this one form of distributed ledger design across the entire healthcare value chain, stakeholders can avoid several challenges and pitfalls.
Waging a War Against Counterfeit Drugs with a Blockchain Healthcare Application
Faulty supply chain management is one of the biggest challenges in any industry. Especially, the healthcare sector faces additional risk and complexity.
A compromised supply chain in healthcare means compromised safety of patients. Increased globalization, adoption of technology, and the involvement of multiple stakeholders complicate the health supply chain.
Global pharmaceutical sales estimate in the year 2015, USD 1.1 trillion; counterfeit drugs, 2.5 percent.
Blockchain in Pharma Supply Chain: Re-modeling the Process
Blockchain improves integrity, security, and data provenance of the supply chains with its attributes like transparency, immutability, and auditability.
Generally, these stakeholders have their involvement in the dispersal of drugs:
- Manufacturers
- Logistic Service Providers
- Distributors
- Hospitals/Pharmacies
- Patients
Integration of QR Codes and Blockchain
The process of combating counterfeit drugs embarks with, a manufacturer adding QR codes after mass-producing them. The code stores information like the medicines’ name, timestamp, the location of manufacturing, and the expiry date.
A blockchain healthcare application, for instance, developed on the Ethereum blockchain, allows its stakeholders to trace each transaction during the manufacturing of medicines using a Hash ID. It is a unique identifier, a long string of letters and numbers used to identify a specific transaction on the blockchain.
The amalgamation of the Internet of Things (IoT) and distributed ledger (Blockchain)
IoT-enabled vehicles with temperature sensors ship them to the distributors to allow cold-chain shipping.
It saves an enormous amount of time and efforts in auditing the storage conditions of temperature-sensitive drugs. Stakeholders can track anomalies by accessing data produced by the temperature sensors on the blockchain with a mobile or web app.
Dispersal of drugs to hospitals/pharmacies
Drug distributors check the provenance of medicines using the hash ID stored on the blockchain.
Distributors access all the information added by the manufacturers to verify the received drugs and sign the transactions digitally. It triggers smart contracts to enable the delivery of drugs to hospitals/pharmacies.
Collection and authentication of drugs by hospitals/pharmacies
Hospitals/pharmacies validate the authenticity of the received drugs.
Upon the approval of drugs by the pharmacist, blockchain stores the transactions and ensures a legal trade. Pharmacists use the hash ID to trace back the origin of the drugs, or any activity by the distributors to counterfeit drugs with a fake drug ID.
Authentication of drugs by patients using the QR code
Patients ensure whether the medication they are buying is safe or not via a mobile app.
Through the hash ID attached to the QR code patients can know everything from its source to quality standards.
Blockchain as a Solution
Blockchain developers can develop blockchain healthcare applications equipped with numerous advanced features using its technology stack
- Nullify the transactions if the drugs contain fraudulent information
- Prohibit access to unauthorized individuals in the drug supply chain
- Allow the ecosystem of healthcare stakeholders to track anomalies happened within the transactions immediately
- Enable monitoring of movements involved
Moving Towards Decentralization
Using blockchain healthcare applications, we can shift the governance model of the drug supply chain to the surveillance net (where every stakeholder can survey the actions in the supply chain in a transparent way).
Looking for a Blockchain Based Healthcare Applications for Pharma Supply Chain Management
Our blockchain experts develop such applications on a proprietary distributed ledger platform to enable end-to-end traceability of drugs. Clients looking to solve problems like thefts transparency, and recalls in the shipment of medicines can connect with us.
Healthcare blockchain solutions provided by the team of blockchain development experts at Oodles carry the potential to empower the entire drug supply chain. They equip it with tracing and traceability features of blockchain to transform the pharmaceutical supply chain.
This market study includes drivers and restraints for the market along with the impact they have on the demand over the forecast period derived with the help of SWOT analysis.Global trade surveillance market is expected to reach million by 2026 and is projected to register a healthy CAGR of 18.2% in the forecast period of 2019 to 2026.Grab Sample Report + All Related Tables & Charts of Trade Surveillance Market Study Now @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-trade-surveillance-marketMarket Definition :The Trade Surveillance is one of the most important surveillance systems for financial institution and banking sectors against market abuse and market manipulation.
The trade surveillance offers a wide range of applications in banking, financial services, hedging, wealth management, asset management and others.Key vendors operating in the market:Some of the major players operating in this market Software AG, FIS, SIA S.P.A., Celent, ACA Compliance Group Holdings, LLC, Scila AB, CINNOBER FINANCIAL TECHNOLOGY, Trapets AB, Abel Noser Holdings LLC, Crisil Limited, Cognizant, IPC System, Inc., Aquis Technologies, OneMarketData, B-next, IBM, Accenture, Nasdaq, Inc., and others.Market Segmentation: Global Trade Surveillance MarketThe trade surveillance market is segmented into four notable segments which are component, deployment model, organization size and vertical.On the basis of component, the market is segmented into solution and services.
Solutions are sub-segmented into services reporting and monitoring, risk and compliance, case management, surveillance and analytics and others.
The service is sub-segmented into professional services and managed services.
Thus, it provides consistency as well as delivering quality alerts through different trading activities.
Also it creates a relationship of the market outlook with Porter Five Force AnalysisThis research report is inclusive concept of the market progression.
Trade Surveillance Systems Market HighlightsThe global trade surveillance systems market is expected to have a fast growth rate over the forecast period.
The growth can be attributed to the strong need among enterprises to run a risk-free business, meet compliance requirements, and quickly respond to the dynamic requirements of the market.
A trade surveillance system is used by market consultants, chief financial officers (CFOs), brokers, and financial institutions to detect risks in trading activities, prevent frauds, and avoid violation of government laws.
Although, the market is experiencing fast growth, the lack of technical expertise and less awareness, especially among small & medium-sized enterprises (SMEs) in developing economies, is acting as a major restraint for the growth of the trade surveillance systems market.
The research evaluates the future and present Trade Surveillance Systems market Demand, conditions, providing insights and updates.In this study, the trade surveillance systems market has been segmented based on component, deployment mode, organization size, and region/country.
By component, the market has been segmented into solutions and services.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7560The solutions segment has further been segmented into surveillance, risk & compliance, analytics & reporting, case management, and others.
