Before we explore the benefits of Blockchain Technology in Serialization, it’s important to quickly recap what exactly is this technology. Blockchain Technology is a network that is decentralized and it shares real time complex information with all the participants – regulators, contract manufacturers, physicians, patients, R&D collaborators, and academic researchers, among others.
So how does Blockchain Technology tie in to Serialization?
Blockchain Technology provides transparency and security to enable serialization for products. It helps with sharing vast amount of data and prevents data tampering which in return allows for regulatory auditing.
Blockchain Technology is proving to be a huge benefit in the pharmaceutical industry, especially in the following areas:
1. Growing the Pharmaceutical Supply Chain
2. Transferring secure data within ecosystems
3. Strengthening relationships with payers
1. Growing the Pharmaceutical Supply Chain
Blockchain Technology is able to provide businesses a secure and quick transaction across the globe. In the pharmaceutical industry, it is also being used for clinical trials, to track and trace drugs that are manufactured or shipped and for all aspects of maintaining essential records (identity, transactions, contracts, etc).
The industry can really leverage this technology by applying it within supply chains. It can help create a trail that’s auditable and can benefit businesses greatly by establishing drug provenance across the supply chain with just one software. This can allow manufacturers and their consumers to easily access, verify the quality of the drugs as well as the origins of it. As everyone within the supply chain ecosystem has access to all the data real time and there’s transparency at every stage of the supply chain journey, it can prevent counterfeiting, tampering, diversions and make tracking-and-tracing quicker. Any changes to the records are displayed for all to see and this makes product recalls simpler for businesses who can identify and pull out the faulty production batches.
2. Transferring secure data within ecosystems
As Blockchain Technology is digital, it has allowed business ecosystems to store data and give access to all participants in real time across the globe. It’s also easier to identify the source of the data as the details of the records show transparency which helps in identifying problems within the supply chain faster. These easily traceable records are a boon for businesses which help them in managing quality and the flow of their inventory.
With Blockchain technology, specific members can be given access to specific information with limited authorization. Multiple parties such as manufacturers, distributors, hospitals, and pharmacies can verify, transfer and even register pharmaceutical products within one interoperable system.
Blockchains have been known to have high level security and are complicated to hack; which prevents unauthorized access to anyone without proper credentials. When a record has been added to a chain, then it’s not possible to modify or delete the data in it as it permits only new blocks of information to be added to the end of the chain.
Blockchain Technology may also be able to help in different stages of the R&D cycle of drug discovery and development in academia and when the products enters the industry. The information entered in the records is kept secure and can speed up the research (from clinical trials), access and analysis of the data. University scientists who work in collaboration with scientists from different universities can track work across the network on one secure platform and can also maintain records of intellectual property, innovation and the manufacturing process.
Even from the perspective of a patient, Blockchains can help by allowing patients to control authorization of their entire data (treatments and transactions) through a single unique identifier. This not only reduces administrative costs but it could help healthcare systems track patients via audit trails as well as maintain the patient’s privacy.
3. Strengthening relationships with payers
Blockchain Technology can offer a efficient solution to Pharmacy Benefit Managers (PBMs) that can prevent excessive waste, offer a more enhanced customer experience and offer better pricing options. As the role of PBMs is to be intermediaries between manufacturers, [pharmacies and payers, they have to negotiate discounts, manage formularies and process prescription drug claims. With Blockchain technology international business transactions can be accelerated and wait time for transfer of ownership of goods can be reduce from days to mere minutes through ‘smart contracts’ and Internet of Things (IoT). Insurance companies can have more accurate directories and the authorization processes and speed claims for insurances can be expedited.
There are apprehensions and a few challenges that the industry will need to keep in mind when trying to adopt Blockchain Technology within their systems. This new technology does come with a few risks such as scalability, up front costs and threats to data breaches or system failures. However, the benefits of implementing blockchain technology solutions are vast – improving supply chain security, aid in facilitating clinical trials and increasing data management efficiency for both businesses and patients – while keeping regulatory requirements in mind.
About CosmoTrace
CosmoTrace was formed by an expert, experienced team that has since worked extensively with every part of the pharmaceutical supply chain from manufacturing through to final distribution. As Serialization Consulting Experts, our focus is on delivering the absolute best serialization support by offering long-term serialization and sustainability strategies and providing forward-thinking industry solutions.
We offer premium support and services that can help your business with serialization implementation. Our team of experts ensure that you are up to date with all global traceability regulations and will help in creating a successful long-term serialization strategy.
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