Applications of Blockchain for Pharma
Real world applications to demonstrate the power of blockchain for the pharma industry.
Cold chain shipping temperature control monitoring
Blockchain can provide an immutable record of sensor data measuring temperature, or any number of variables, throughout the course of a pharmaceutical manufacturing to shipping trajectory, for temperature sensitive medications. This allows for traceability if something goes wrong, and doesn't allow the data to be tampered by a bad actor.
Metering on manufacturing equipment
Anytime a part is scanned, a block is written to the chain automatically, and verified by the other members of the shared ledger. Again, this reinforces manufacturing processes and allows any point in time to be traced to specific employees, machines, maintenance records, etc.
Supplier master data
Inefficient for all parties to manage individually, which would allow for data leaks. Shared ledger access through smart contracts formed using blockchain technology eliminates the possibility of master data being tampered with, ensures data integrity, and allows changes to be tracked easily with full confidence.
UDI – Unique Device Identifier
A UDI can employ blockchain technology to track the useful life of a device, the maintenance on it, which patients have been serviced on it, etc. This is best served by blockchain since there has to be an immutable record for patient security, traceability, and data integrity for compliance regulatory requirements.
Pharmaceutical products is another area where use cases could be identified about the supply chain (which supplier provided the specific material that made the product) and who is the product/patient sitting with. Are they (the patient) using it as intended? Which doctors are prescribing pharmaceutical products? This could be relevant especially where we have the painkiller/opioid epidemic in the US.
Various use cases already exist on the accounting/AP side of the industry, including insurance information, where blockchain can also help with smart contracts, data privacy and integrity, claims filing, etc.
Have another use case, or want to explore how blockchain could help your efforts? Shoot us a message in the bottom right to speak with a blockchain specialist and brainstorm!