Pharmaceuticals Industry

Revolutionizing the Pharmaceutical Industry with Robust Blockchain Technology Solutions

Request a Demo
Pharmaceuticals Industry

Pharmaceutical Industry

The Pharmaceutical industry is struggling to deal with the challenges that have emerged from supply chain security lapses, counterfeiting and increased regulatory pressure. In fact, most pharmaceutical companies are finding it difficult to ensure the integrity of their products as they move across the value chain i.e. from manufacturers to wholesalers and finally to the end-user (patients). Besides safety concerns, these challenges have adversely impacted the health of the entire industry by reducing profits and impairing brand credibility. Preventing theft and counterfeiting have thus become a key focus for businesses. To remain competitive, pharma companies require a robust and revolutionary technology that can resolve most of the current problems associated with the pharma industry.

Blockchain – A Distributed Ledger Technology (DLT) can turn out to be the magic bullet that is disrupting the pharma supply chain industry. In fact, it provides a tracking solution that will help pharma companies with end-to-end supply chain optimization and integration.

How Can Blockchain Help?

Drug Counterfeiting:

One of the major issues that threats the integrity of pharma supply chain is drug counterfeiting. To curb the issue of fake/substandard drugs, the DSCSA (Drug Supply Chain Security Act) requires pharma companies to optimize their supply chain by tracing the provenance of drugs, verifying the authenticity of drugs, detecting suspicious products while ensuring strict adherence to regulatory guidelines for licensing and reporting. Blockchain offers a decentralized platform that integrates all the participants including third party or suppliers to a common platform for data sharing on a common ledger.

Drug Recalling:

The current supply chain ecosystem is extremely complex with products in the supply chain passing through multiple intermediaries before reaching the end-consumers. This makes the entire recall process extremely complex resulting in loss of trust, as well as finances. With a Blockchain powered system in place, pharma companies can drive efficiency across the supply chain by eliminating intermediaries and increasing traceability. The smart contract functionality of the Blockchain automates various processes like payments, SLA’s, promotions, contracts and compliances to improve efficiency.

Increased Traceability:

The ‘smart contract’ component of Blockchain, together with the use of IoT devices, could provide stakeholders with an effective and continuous drug tracking competence. Such a functionality allows stakeholders to access with all the details pertaining to the complete origin of a unit, its conditions, rights and approvals that too at any point in time. This in turn improves the complete audit traceability of each item in the supply chain.

Improved Tracking of Goods in Transit:

Goods in transit or in storage should conform to certain storage conditions that has been agreed upon by each member of the supply chain. In case of any nonconformity, such as fluctuation in temperature, data could be recorded via IOT powered Blockchain system. This data would be tracked via smart contracts followed by execution of notifications and action (to be taken by the affected stakeholder) by the smart contract rules. Being a distributed technology, this platform allows for greater control of products while provide real-time tracking via smart contracts. This provides pharma chain stakeholders with quick decision-making ability to maintain sufficient inventory at regular intervals, thereby resulting in working capital dormancy.

Why Sofocle?

As forerunners in the Blockchain space, Sofocle offers its’ market ready product ‘Sofochain’ (Certum) for mitigating supply chain pain points. Designed primarily for the pharmaceutical industry, Sofocles’ pharma supply chain tracking solution ‘Certum’ efficiently tracks and records the quantity and transfer of assets as they move through the supply chain nodes, like trailers, containers etc. by linking serial numbers, bar codes, RFID, to physical goods. For the pharmaceutical companies, our solution will offer an entire ecosystem to attain visibility and traceability required by them to ensure compliance with global regulations that too while inducing their partners to become their reliable participants. By apprehending new revenue streams, providing simple and secure access to data (client and patient) and managing costs, our solution will improve Drug Supply Chain, Drug Development, Clinical Trials, and Patient Outcomes.

Blog Posts

April 6, 2022

Benefit of Blockchain in government service

Blockchain and its many benefits The fall of 2008 marked the beginning of a new tech… Read More

April 1, 2022

Why does your Crypto Startup need Consulting?

The growth of crypto and blockchain technology In October 2009, Satoshi Nakamoto, the father of bitcoin,… Read More

March 23, 2022

Why do we need blockchain in the power sector

Power sector and its challenges Blockchain technology is often associated with cryptocurrencies, but it could have… Read More

Copyright © 2022 Sofocle. All Rights Reserved | Privacy Policy | Terms of use

Secured By

This website uses Cookies to ensure the best experience for you. OK