As blockchain expands its reach across various industries, it's far-reaching applications from financial services to energy suppliers have provided incremental results in the market. It enables secure and rapid transactions around the world without getting any intermediaries involved. Currently, it is much required to make use of its practical application in the pharmaceutical industry to minimize the complexity in the medical record management and also in the drug supply chain system. Maintaining permanent, error-free, incorruptible, and easily-accessible patient medical records is a tedious process, but it is required to provide the timely-treatment to the patients in distress. Some of the other pharma industry problems are counterfeit drugs, multiple stakeholders in the medical supply chain, and lack of transparency in testing and research. Blockchain technology is an apt solution for all the issues mentioned above in the healthcare industry.
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What Are The Challenges In The Pharma Industry?
Nowadays, people are more concerned about their health and substance they consume. Though we are using more advanced technology, we are not equipped to manage some severe challenges in the healthcare and pharmaceutical industry. The surge in blockchain-based solutions is expected to provide a better solution to the following problems.
This is one of the unresolved issues in the pharma industry. Consumers believe the doctors prescribe the right drug for their ailments. However, they are not sure whether the medication is the right one, and do not know where the drugs are sourced from.
The imitation of a commonly used drug is more prevalent these days. It is getting more and more challenging to differentiate between the real and the fake ones. It has the potential to harm the consumers and damage the reputation of a manufacturer and suppliers.
Manufacturers are still finding it difficult to assess the market requirement precisely. Without proper understanding, it is getting challenging to manage supply and demand. During the time of emergencies, this will be a big problem.
Medical Record Maintenance
The patient's health record is essential to provide proper treatment as per their health conditions. Without adequate access to such data, it's difficult for physicians to provide appropriate treatment at the right time. Currently, physicians get access to only limited data, not the complete one.
Multiple third-parties surround the Pharma industry; this makes it challenging to identify whether the particular product is from the intended supplier. Intermediaries have a high chance of changing the drug at any stage.