Published
5 years ago on
September 28, 2018
“Within less than two years, hospitals and pharmacies will be required to check whether the medicines they distribute originate from drug makers or repackagers. Currently, big pharma companies are thinking about ways of complying with the law, but healthcare analysts have already found the answer – blockchain. The distributed ledger technology (DLT), an umbrella term that encompasses blockchain, might be the ideal tool, especially when the deadline is tight.â€Is this the first step towards an international blockchain adoption? This could well be the catalyst for an international swing onto blockchain technology for Pharmaceutical companies worldwide. In order to compete and to ensure their supply chains are flawless, these companies need to be operating within the same technology. A blockchain audit trail will only work if all areas of the Pharma industry are on the blockchain. Granted, this act in the USA refers to US based practices, however the international industry will benefit if they too leap onto the blockchain. Think of it this way, if the UK require a batch of medicine from the USA and they aren’t on the blockchain, all of the proofing and authentication of that medicine within the USA will have gone to waste, once it leaves US shores and enters circulation in the UK. Therefore, in order to guarantee clarity and transparency, the international Pharma community needs to follow the United States and make this move too. References Cryptovest
