In the last couple of years, blockchain technology has become a significant part of that conversation. The 21st century drug distribution chain has grown immensely in scope and complexity, while lagging behind in the digital technologies and management systems necessary to simplify and secure the entire process.
In Simple words block chain can be understand as 'Blockchain' is a software which provides a digital ledger system to log and record transactions by grouping them into chronologically-ordered blocks. These blocks are linked and secured on a peer to peer network using cryptography technology. As technological adoption is increasing day by day, Blockchain has given a solution towards monitoring any complex supply chain. The pharmaceutical supply chain is one of the most significant verticals when we talk about the deface areas of the healthcare supply chain. Blockchain allows all authorized stakeholders to have transparency and End to End Traceability in their delivery process, Blockchain is helpful for Businesses and stakeholder in reducing counterfeiting and theft issues of the products which is a major risk/concern to consumers, and also loss of revenue for the authorized manufacturers.
Blockchain gives a lot of benefits in the pharma supply chain few of them are described below:
Brings End-to-End traceability of healthcare products.
By using Blockchain oriented technology solution will allow streamlined visibility of medicines movement in the entire supply chain. This improved traceability will eventually facilitate the optimization of flows of healthcare products. It even goes further to help manage inventory.
Reducing losses of counterfeiting & Theft issue
A blockchain-based implementation gives a clear visualization of a particular healthcare products journey from manufacturing to reaching the patients with digitalized transactions. Therefore, it is easier to examine unsafe points throughout the supply chain, and reduce the chances of counterfeiting or fraud associated with healthcare products.
Tracking drugs with blockchain
Blockchain in Pharma Supply allows identifying the exact locations of the Drugs. The counterfeit and infringement or pilferage possibilities can be tracked efficiently and quickly while maintaining the increased safety of patient’s health.
In order to Solve these concerns of Transparency, End to End Traceability, reduce counterfeit of products and resolving compliance issues around Pharmaceutical Products & Services. There is One Initiative in this sector from an Organization in Health Tech Sector Named as VHS LogiTech www[dot]VHSLogiTech[dot]com which has built an IoT, AI & BlockChain oriented Digital Healthcare platform known as Coolgix www[dot]Coolgix[dot]com.This BlockChain oriented Digital Supply Chain Platform Coolgix is for End to End Traceability, Transparency, 24x7 Monitoring and also detect the counterfeit products throughout the Supply chain by ensuring the GSP (Goods Storage Practices) and GDP (Goods Distribution Practices) Compliance with Local, Country, and Internationally.
The Cloud-based Pharma SCM as a Service model allows us to get connected to complete Supply Chain in a seamless way. The platform is designed & implemented for stakeholders such as; Manufacturers, CROs, Stem Cell Orgs, Pharmaceutical Distributors, Wholesalers & Other Stake Holders to make use of the Mobile Apps(Android & iOS), Cloud Platform, IoT Devices on the field to stay connected, informed & Automate Actions and Tracking for the entire ecosystem, on a Real-Time Data-Oriented Approach.
This BlockChain based platform (Coolgix) is developed to work in a Multi-Location, Multi-Vendor & Multi-User Enterprise Environment to Bring the Effective Supply Chain in terms of Product Traceability, Transparency & Compliance Management point of view. This Platform is Enabled with Proprietary Drug Counterfeit Detection Algorithm with Encrypted QR Code Mechanism. The QR Codes which get generated in a most convenient way without any dependencies on external systems. The Cloud Platform enables connecting Vital Functions, Elevate efficiencies and Assures Product Quality & Compliance among all the Supply Chain.
In this Modern era where transparency and traceability is one of the biggest concern for doing the business. Coolgix is helpful for so many Industries for better Distribution of the products & Better Customer Services. In terms of Efficacy of products & On-time Assured Safe Delivery.