Key challenges for the pharma industry
Pharmaceutical fraud
Returned drugs represent a common entry point for fraud. Supply chain opacity makes fraud detection difficult, and bad actors can embroil organizations in regulatory and legal issues.
Supply chain compliance
Multiple regulations apply to pharmaceutical supply chains, from manufacturing to sales. Compliance is costly, time-consuming, yet unavoidable.
Risky inventory management
Without proper supply chain visibility, managers can’t prepare inventories based on demand, with incomplete and out-of-date knowledge of both demand and inventory.
Inefficient trial handling
Inconsistencies and human error plague clinical trials, and pharmaceutical companies must demonstrate protocol adherence to extract maximal useful data from trials.
Challenging R&D
Linum Labs reports that in a field where new drugs take 12 years or more to make it to market, only 20% succeed; of those, only one in three is profitable, so improvement is urgent.
Expensive financial processing
Fund processing within an organization and between organizations incurs fees, whether local or cross-border; dependence on centralized payment processing is costly for all stakeholders.
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Get expert adviceBlockchain solutions for pharma from Aetsoft
Product verification
Product verification for drugs can be achieved through tagging and blockchain management, tracking products throughout the supply chain and verifying them when they are returned to it.
Auditability and security
Automatically create auditable, secure, and tamper-proof activity trails to demonstrate regulatory compliance with the transparency inherent in blockchain.
Inventory visibility
Manage inventory and supplies more efficiently, eliminating waste, overspend, and shortages, with real-time inventory updates and permissioned access to demand.
Improved R&D
Build wider networks of participants in the R&D process without paperwork and transaction friction; use trustless, permissioned blockchain platforms for automated incentivization and intellectual property protection.
Clinical trial
administration
Track patients, drugs, events, and actions on a tamper-proof, distributed ledger; ensure protocol adherence with smart contracts, use tagging and biometric data sources to monitor effects, and acquire highly-granular data for analysis in real-time.
Accelerated financial
processing
Establish immutable ledgers of financial transactions and automate payments and invoicing with smart contracts. Transact across national borders and organizations with minimal friction via on-chain tokenization convertible to fiat currencies at exit points.
Blockchain applications in pharma
Use case 1. Traceable supply chains
Currently
Opaque supply chains and non-validated records all the way from manufacturers to dispensers make it easy for counterfeit drugs to reach pharmacy shelves.
With blockchain
Get accurate, traceable, and validated supply chains, with every action performed digitally and recorded in a tamper-proof blockchain ledger.
Use case 2. Streamlined trial data exchange
Currently
Trial data remains mostly dispersed across medical institutions; organizations are likely to exchange those in silos, which disrupts their centralized management.
With blockchain
Establish distributed data exchange among institutions, with immediate, transparent access to required trial information through a blockchain ledger.
Use case 3. Automated transactions
Currently
Cross-border transactions between drug suppliers and medical institutions often result in delayed payments at exorbitant fees, with risks of hacks and fraud.
With blockchain
Automate and secure cross-border payments with smart contracts enforcing fast, low-cost, and permanent transactions through autonomy and encryption.
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