PharmaChain is a Blockchain solution designed to help overcome some of the key challenges associated with the traceability of legitimate pharmaceutical drugs by providing an End to End secure platform for sharing and accessing Supply Chain and Product data.
In today’s world where the manufacture and supply of goods is connected via supply chains, counterfeit products are exponentially increasing with the increase in sales.
Counterfeit Drugs is a significant issue facing those involved in the manufacture, supply and consumption of Pharmaceutical Drugs across the world. Counterfeit Drugs, along with having a financial impact on stakeholders involved in the supply chain can negatively affect the health of the end consumer, thus making this a major global issue.
Manufacturers risk losing credibility with an impact to their reputation, as well as affecting their revenue through loss in sales of their genuine products.
According to the World Health Organisation;
- The global pharmaceutical marketplace is worth an estimated £420 billion per year.
- 10-15% of this marketplace consists of Counterfeit Drugs.
- The Pharmaceutical Industry loses nearly £60 billion a year due to counterfeit drugs.
There are a number of challenges faced by traditional pharmaceutical supply chains when it comes to dealing with counterfeit drugs, some of these include;
- Every Actor faces the problem of a lack of traceability of the product through the entire supply chain.
- Management of all information, documents and data involved in the supply chain process.
- Theft or Manipulation of shipments is a major issue for distributors.
- Validating and verifying the authenticity of the drugs by the retailer.
- Ensuring the authenticity of a particular drug by the end consumer.
Blockchain technology consists of a chain of blocks that are linked using cryptography. It is based on distributed ledger technology (DLT) which allows users to share data amongst each other freely and cannot be changed without consensus. This technology provides transparency, traceability, security and fast access to data using a single application. These features build trust amongst all the actors.
Sprytech has developed PharmaChain a solution using our own patented S-Blox Blockchain DLT platform to help address some of the challenges of counterfeit drugs within pharmaceutical supply chains. Pharmachain will provide full end-to-end traceability of authentic pharmaceutical drugs from manufacture through to consumer using a secure platform for sharing and accessing data.
Our S-Blox Blockchain DLT platform provides a number of bespoke features including:
- Fast transactions and throughput.
- High throughput and performance.
- Unique quantum immune cryptography.
- Fully customizable process.
- A flexible and Interoperable blockchain platform.
Our PharmaChain solution will bring many benefits to Pharmaceutical supply chains including:
- Verification of the authentic drug for every actor.
- Validation of data written by any actor on the blockchain.
- An immutable database.
- Full traceability and Tracking of the end to end supply chain data will be possible.
- Access control enabling the management of access to data on the Blockchain.