Drug Traceability - Divine or Challenge for Pharma Sector

Abstract

Blockchain technology is driving the digital transformation of various industries, and one sector benefiting from this innovation is the pharmaceutical industry. This industry grapples with challenges like a lack of transparency, difficulties in tracking products, a deficit of trust, and issues related to shipping expired products. To address these concerns, blockchain technology has been harnessed as a solution. Notably, counterfeit drug prevention emerged as the most prevalent category, aligning with the pharmaceutical industry's primary objective. Blockchain technology is an emerging innovation that is finding applications in various industries, including healthcare. In the healthcare sector, Blockchain networks are being utilized to securely store and exchange patient data across hospitals, diagnostic laboratories, pharmacies, and medical practitioners. These applications of Blockchain can effectively identify and mitigate critical errors, including potentially hazardous ones within the realm of healthcare. Consequently, this technology holds the promise of enhancing the efficiency, security, and transparency of medical data sharing within the healthcare system. Moreover, it offers valuable tools for medical institutions to gain insights and improve the analysis of medical records. It visually represents the diverse capabilities, enablers, and the unified workflow process of Blockchain technology in supporting healthcare on a global scale. Additionally, the paper presents a thorough discussion of fourteen significant applications of Blockchain in healthcare, underscoring its pivotal role in addressing issues like deception in clinical trials. Blockchain's potential in healthcare lies in improving data efficiency, assuaging concerns about data manipulation, and establishing a robust data storage framework with the highest level of security. It delivers features such as versatility, interconnectivity, accountability, and authentication for data access. The protection and confidentiality of health records are of paramount importance, and Blockchain facilitates decentralized data security in healthcare while mitigating specific threats.