Blockchain – A Change in The Pharmaceutical Industry

Blockchain technology is simple enough to understand. It functions as a database that stores all the information it collects in blocks of linked information. When one block gets filled, it gets linked to the previous block, creating a secure data chain. The data is stored with timestamps (and in chronological order), and it cannot be modified or deleted in any way, making blockchain one of the safest forms of data storage. Each operation or transaction in this ledger is verified, and the data can be safely shared across multiple parties who may not even know each other and are strewn across the planet. There is no central database and no central governing authority involved in regulating blockchain, and it enables a degree of transparency that is rare in any other medium of transaction. Blockchain technology can also be configured differently, from public and open-source systems to private ones. IT Support Boston can help your local business with development and implement the right Blockchain solution.

Use of Blockchain in the Pharmaceutical Industry

Enabling better supply chains

• The pharmaceutical industry is legitimately concerned with quite a broad range of supply chain issues within the field. With its ability to ensure fast and secure transactions with high transparency, Blockchain Technology can enable pharmaceutical companies to unlock the next level of efficiency in supply chain management. The use cases can vary widely and range from companies being able to conduct auditable trials and trace the origin of medicines accurately along the supply chain. This enhances the degree of transparency and visibility across the supply chain as everyone from manufacturers to clients can quickly and independently verify the source of the drug, trace it throughout its development history, and check the quality and delivery conditions to ensure a safe and hygienic environment. 
• This can sort out a major pain point for the pharmaceutical industry as the supply chain is enormous and highly complex, involving different vendors and service providers. Blockchain essentially allows all involved parties to have a clear line of sight into the supply chain and manage it from a centralized dashboard leading to a safer environment overall. Since the database is distributed, transparency and security is pretty much guaranteed. 
• If all parties concerned follow the system's protocols, reviewing, sharing, and updating data becomes easier and more streamlined, ensuring that the information is constantly updated and provided on time. Continuous use of blockchain technology can help pharmaceutical companies root out the rising cases of fraudulent medicines (according to recent surveys, every 1 out of 10 drugs currently can prove to be fake) as the management of the entire supply chain comes under the immediate control of the companies, end-to-end. With worsening health indicators globally and the rising scope of mass outbreaks such as pandemics, this can truly be a lifesaver for medical consumers and pharmaceutical companies at a global scale. The potential of the technology is such that it may also result in better treatment outcomes and even lower mortality rates in the future, and help engender better trust and transparency in the pharmaceutical industry.

Clinical Trials

• Blockchain technology can also help improve the quality of clinical trials. Since blockchain data cannot be altered, pharmaceutical companies can easily ensure that the same high standards of clinical trial performance and protocols are maintained throughout and that follow-through remains at 100%. Given the distributed nature of the Blockchain ledger, hackers can rarely decode the hash of any particular block of information, rendering the data stored in the Blockchain extremely secure. 
• Since Blockchain technology has proved impenetrable to hackers so far, this also provides all participants with an enhanced degree of trust and confidence in the process, hopefully improving their enthusiasm for participating in clinical trials of new drugs. 
• Even if hackers do manage to compromise a part of the Blockchain architecture, they cannot modify or delete the information stored in that block, as it is also repeated elsewhere in other blocks on the chain. This trait, in particular, guarantees the privacy and accuracy of clinical trial data. Blockchain also improves data transparency and shareability, as all concerned stakeholders can create public registries and access the results of all clinical trials.

Better Patient Data Management

• Blockchain technology can facilitate better patient data management by ensuring seamless information exchange even as patient data is distributed across different service providers, including insurance companies, medical facilities, and research organisations. This will also give patients greater control over access to their medical and personal data, enabling them to go at a granular level and only share relevant inputs with service providers. 
• A blockchain platform can also act as the ultimate database needed to track and store patient information. This will enable organizations across the healthcare value chain to use a single identifier and access all relevant patient information at the touch of a button. For effective blockchain solutions suited to your business's exact requirements, consider reaching out to Managed IT Services Boston.

3 Key Things to Consider in Pharma Blockchain Technology

Always analyse opportunities

• You need to thoroughly analyse and understand all potential options in your business and value chain that can allow for (and be enhanced by) the implementation of Blockchain technology. Before implementing any solution, you should consider the effectiveness of all current and similar implementations and choose the most suitable solution for your particular requirement.

Evaluate required resources

• Despite the high value provided by Blockchain technology, its development and implementation are not easy processes. It is pretty standard for companies to find themselves at a loss for the requisite skill sets and resources for development. Consider outsourcing and recruiting third-party experts and service providers, such as IT Consulting Services Boston, to develop and implement the right blockchain solution for your business.

Identify all potential areas of enhancement.

• You need to know your business and technical needs and organise them in order of priority for implementing the technology. Detecting their own use case enables organisations to clarify their goals and map the next steps to reaching them.

About Kenny:

Kenny Rounds is the founder and CEO of Braver Technology Solutions, a leading IT Support Rhode Island Company offering full IT Support & Security solutions. Throughout the last 30 years, Kenny has continually expanded his workforce, embracing the core values of integrity and innovation and growing into one of New England’s premier IT service providers. He is a cybersecurity expert and has presented at local groups and hosted educational webinars on all things IT.