Pharma’s Blockchain Trials: Novartis, Merck Test The Tech Popularized By Bitcoin
Posted Sep 15, 2021 from forbes.com
From fighting fake drugs to getting patients the most up-to-date information, the pharmaceutical industry is experimenting with blockchain.
With PharmaLedger, a patient will be able to download an app and scan a 2D matrix on the drug packaging.
- Novartis, one of the world’s largest pharmaceutical companies, thought it might have a solution: blockchain, the technology first popularized by bitcoin, which lets groups move value without the need for middlemen.
- While around half of the 334 average annual drug recalls are due to issues in the manufacturing process or failure to meet certain standards, mislabeling recalls “can be larger in size,” since they can span across multiple batches, Harvey adds.
- After receiving confirmation from Biogen, the package is scanned by each individual who handles the vial from the loading dock to the pharmacy to a refrigerator, creating a reliable chain of ownership.
- Similar to bitcoin, which provides a reliable chain of ownership for the cryptocurrency, each of these supply chain solutions, whether it be in transit or inside a hospital pharmacy, provides all of the organizations involved with a secure way to collect data about the movement and verification of precious cargo.
- I think that drug shortage is a big enough bogey for all of us, that we should want to have more supply assurance,” says Taylor.