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.
Blockchain App Factory is a trending technology-driven company that can help you develop and launch a software solution that will reoptimize the pharmaceutical industry. It will be a highly-secured and clutter-free software solution as per your business requirements.
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.
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.
There is no clear connection between the manufacturers and the pharmacies due to the incredible number of incompatible computers providing nil access to data-related to consumer sales for manufacturers. Blockchain-based systems would enable manufacturers to have better visibility into the inventory of the wholesalers. This will help the manufacturers to prepare for the spike in demand and efficiently manage the flow of products and steady financial gains. It will reduce the significant financial burden in the inventory supply chain and eliminate the presence of unwanted third parties paid handsomely.
The critical issue with drug safety is from where we are procuring the raw ingredients and how the drugs are initially manufactured. To date, traceability is a big problem when it comes to finding the actual ingredients and technology suppliers. Blockchain's immutable ledger allows us to find the complete details from the ingredients supplier to manufacturer to end customer. This system makes every participating stakeholder responsible for their work.
There are many public safety issues that blockchain can address with high-efficiency and cost-effectiveness. A blockchain-enabled supply chain can help in the recall management of any drug easily. The recall management system is a request by a manufacturer to return a product due to safety issues or defects in a particular product, that may put the patient's life at risk. Blockchain can raise awareness about all such announcements and improve public safety.
Establishing a proper connection between pharmacies, drug manufacturers, and suppliers will assist in managing discounts and rebates, processing, and paying prescriptions drug claims, generally using electronic platforms. Blockchain helps to reduce waste, alleviate pricing variations, and provide better customer experience.
Blockchain App Factory is a premium blockchain company to offer custom blockchain solutions to the pharmaceutical industry, for better medical care of patients. Let your patient know the complete information regarding the medication they consume and lead a healthy life.
Our team of blockchain enthusiasts and developers can provide insightful guidance and solutions to strengthen your pharmaceutical business solution with all the necessary features. This will enable everyone concerned to improve drug manufacturing, clinical productivity, patient record management, and all other health services.
We help you with custom-build solutions based on your business requirement, timely completion of projects involving proficient blockchain developers, and other strong technical resources.
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