Blockchain’s Applications in the Pharmaceutical Industry
The pharmaceutical industry is massive, multi-trillion industry and within are several regulations which must be met. These ensure a drug is safe for human consumption. All the aspects of drug manufacture including clinical trials, production and distribution are regulated. However, how can a pharmacist or a doctor ensure that the drug is safe for consumption?
What if you could know with certainty where the drug was manufactured, key ingredients, who handled the shipping, clinical trials, as well as the entire journey from the production store to the hospital or chemist?
This is the data the Blockchain technology can easily store with enhanced transparency and security. Blockchains provide a shared, transparent, and immutable database that can link drug manufacturers, distributors, regulators, and chemists.