The Prospects for the Use of Digital Technology “Blockchain” in the Pharmaceutical Market

Abstract

Abstract. The development of information technology in the modern economy is one of the drivers of economic growth. Digital technologies are developing at an accelerating pace. Digitalization stimulates not only economic, but also social and technological progress. The impact of digital technology in different industries is not the same. The authors of the article consider such promising modern technology as Blockchain. Its advantage is that the information is protected from unauthorized modification. This transforms the system of economic relations. The level of trust increases. Opportunistic behaviour of participants in contractual relations is blocked. As a result, economic efficiency improves. These positive effects are analyzed in the case of the pharmaceutical industry. The introduction of Blockchain technologies into pharmaceuticals allows you to track all stages of production of drugs and guarantee their quality. Blockchain technology allows you to confirm the authenticity of recipes and the drugs with the help of special digital devices. The consequence of this is a reduction in the number of counterfeit drugs on the market, as well as improving the quality of medical care for the population.

Blockchain Technology in Healthcare: A Comprehensive Review and Directions for Future Research

“…Furthermore, products and drug counterfeit greatly influence SCM [130]. Their performance in the pharmaceutical industry are competitive factors that disrupt the efficiency, authenticity and robust profitability in a particular healthcare industry enormously [131]. Customers are often unaware of the exact sources of the products they purchase and consume in a global marketplace [132].…”

Applications of Blockchain Technology in Medicine and Healthcare: Challenges and Future Perspectives

“…When it comes to effective delivery of reliable and authentic drugs to patients, there is a dire need to monitor, evaluate, and ensure the overall process of developing and supplying pharmaceutical drugs through the use of digital technologies worldwide, and particularly in developing countries. In this regard, a digital drug control system (DDCS) [39] could be a durable solution towards the prevention of counterfeit drugs. Using a blockchain-based DDCS, big pharmaceutical industries (Sanofi, Pfizer, and Amgen) launched a joint pilot project for inspection and the evaluation of new drugs [40].…”

“…Using a blockchain-based DDCS, big pharmaceutical industries (Sanofi, Pfizer, and Amgen) launched a joint pilot project for inspection and the evaluation of new drugs [40]. Using blockchain as an approach, it would be possible to not only track the production and location of the drugs at any given time, but also to improve the traceablitiy of falsified drugs [41], security of the drug supply system [42], and guarantee the quality of drugs supplied to consumers or end-users [39].…”

Blockchain technology in the pharmaceutical supply chain: researching a business model based on Hyperledger Fabric

“…Only members authorized by the administrative node can access the information stored on blockchain. Multichain or Hyperledger platforms can be used to build such solutions [5] [6].…”

“…A properly designed system based on blockchain technology can significantly simplify the process of drug turnover control for authorized state bodies [3][4][5]. At the same time, a decentralized approach has a number of advantages that increase the information security of such systems compared to centralized counterparts [6].…”