Why Blockchain Could Be Adopted Immediately Within US Pharmaceutical Industry
The blockchain has very exciting implications for the Pharmaceutical industry. By creating a space for super advanced audit trails, identification and authentication, the blockchain promises to totally re-shape the way medicines are stored and delivered to patients across the world. Now it seems that the âPharmaâ industry in the United States could take a swing towards using blockchain technology, distributed ledger technology (DLT) specifically sooner than we think.
According to Cryptovest, a 2013 law within the United States, known as The Drug Supply Chain Security Act, 2013, demands that pharmaceutical providers in the country work to improve tracking methods in order to assure counterfeit medicines cannot enter the supply chain and in order to speed up the time taken to action drug recalls.
As a result of this, Phama in the US now have less than two years to improve their supply chain moderation and thus, many believe this will see the entire industry take a huge step onto the blockchain, as itâs a technology that already has a proven solution. According to Cryptovest:
âWithin 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 â 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 arenât 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.