Blockchain technologies in pharmaceutical industry: A comprehensive overview

Abstract

Pharmacies need to manage their data effectively. A novel technology known as blockchain holds the potential to enhance transparency and safety for various pharmaceutical operations. The Drug Supply Chain Security Act (DSCSA), which was passed by the US Congress in 2013 to stop pharmaceuticals that are stolen, tainted, or counterfeit, has a response provided by blockchain technology. Blockchain technology is a decentralized distributed ledger that uses cryptographic techniques to provide security to a peer-to-peer network of transactions. These guarantee that a product is secure and suitable for consumer sale. By making sure laws are readily followed, blockchain provides solutions to improve the validity, reliability, and efficiency of medicine production. It also presents a chance to address one of the main issues, which is the surge of fake medications getting into the system and into the hands of patients or customers. According to the pharmaceutical industry, society is seriously threatened by fake medications. False medications have a direct or indirect negative impact on patients health, sometimes leading to major problems and even death. The pharmaceutical industry's inadequate supply chain management is the cause of this counterfeiting, which jeopardizes patient safety and damages the reputation of the manufacturer. Blockchain technology can be applied to supply chain management to provide assurance, security, traceability, and openness to the chain by providing visibility and immutability of each stage in the chain. A relatively new electronic data management technology called blockchain has promise for transparency and accountability. A blockchain is a ledger of transactions that is viewable by all users of a computer network, each with an identical copy of the ledger.