October 11, 2022

What are the benefits of bitcoin and blockchain in pharmaceuticals?

Pharma supply chains are frequently high volume, low inventory, and consumable items with complex legal, regulatory, and economic challenges that present unique challenges to the industry. For a costless bitcoin trading venture, visit the website bitcoin-motion; the platform charges zero commission on both profitable and non-profitable trades. The benefits of blockchain in the pharmaceutical industry are just beginning to be understood and have significant long-term potential.

For example, companies can use blockchain to streamline payments along the supply chain while raising consumer trust, which may significantly impact patient care. In addition, decentralization is highly appealing in a drug supply chain with its capacity for accurate traceability of products. At this time, it’s not clear exactly how or if blockchain will emerge as a practical solution for pharmaceuticals, but it is clear that there are many benefits for organizations around the world that want a more efficient drug supply chain. Therefore, let’s discuss some potential benefits of blockchain in the pharmaceutical.

Securing supplying chains:

The prescription drug supply chain has long been viewed as vulnerable, especially to counterfeiting. As a result, an extensive and effective anti-counterfeiting measure with a wide range of tools is used to help secure the supply chain, including serialization, barcoding, and RFID. Recently, however, a new way of thinking about counterfeiting has emerged. For example, there are cases of drugs purchased online that are not only drugs but also contain dangerous contaminants such as cement powder or even brick dust.

The ever-present threat of counterfeiting does not always concern itself with the product itself but rather the actual physical safety of the patient in some cases. A drug supply chain can be made more secure and safer for consumers by conducting a blockchain audit on who has access to the information in the supply chain. Users could use blockchain to assure customers that their medications are authentic, at least on the blockchain.

Securing payments:

Blockchain technology can also help pharmaceutical organizations in more effective financial management and payments, as it is possible to determine where your money goes when you purchase a prescription drug. For example, many patients pay with cash, but only a small percentage of prescriptions are paid by check or credit card.

The cash-based payment system provides no evidentiary trail for the benefit of manufacturers and patients. However, it is possible that users could use a blockchain ledger to track the path of patient payments and provide an additional level of assurance for manufacturers and consumers.

Convenient medication delivery:

In the future, it may be possible that blockchain will allow consumers to order their prescriptions on a mobile device, receive a barcode via text message with scan-able product information, go to the pharmacy, and scan the barcode into the dispensing machine, which then transmits payment data directly to your insurance company. The delivery of medications may not just be convenient but also provide a better experience overall for patients.

Enhancing Clinical Research:

Blockchain technology may also enhance clinical research for pharmaceuticals by providing a more secure method of tracking clinical trials. In addition, it will help patients, researchers, and medical practitioners better understand how well new therapies work, which could be especially important for rare diseases.

Blockchain is poised to change the face of the pharmaceutical industry. The numerous benefits of blockchain in the pharmaceutical industry are just beginning to be explored, and it is clear that there are opportunities for long-term improvement in trust, security, and efficiency throughout the supply chain. In addition, blockchain is part of a more significant “digital transformation” trend that promises to transform every primary industry, including healthcare.

Boost R&D:

The pharmaceutical industry has long struggled with the question of how to fund new drug research and development. The balance between the need for funding and the difficulty in getting it is one of the biggest challenges and frustrations in the industry.

Many successful new drugs are made using public sources and private investment, while government grants solely or primarily fund others. Adding further complexity, research and development in some areas take decades to deliver tangible value, so spending money on R&D may not always pay off immediately.

R&D spending has increased since the 1960s, but companies face many more challenges today. For example, a recent report found that twenty percent of new drugs fail because they don’t work or are unsafe. At the same time, seventy percent of all clinical trial failures in the pharmaceutical industry are due to budgets and timelines. For example, the US Food and Drug Administration (“FDA”) estimates that a single drug takes about 10-12 years from discovery to delivery to patients.

The current challenges facing R&D in the pharmaceutical industry are likely to become more complex as drugmakers deal with a new landscape of competition and regulations. Blockchain technology may be able to help provide answers to the thorny question of how to fund R&D.

Increasing collaboration with diverse partners:

Blockchain can positively impact the pharmaceutical industry by increasing collaborations between diverse parties with shared interests. For example, in 2018, there were more than 150 public companies on insurance exchanges trading more than 16,000 securities and a quarter of those securities have exposure to healthcare. The overlap between different industries presents opportunities for partnerships across multiple sectors, leading to novel solutions and products that were not possible previously.

About the author 

Elle Gellrich

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}