In this online exclusive, Alex Aves, marketing executive, Rephine, looks at blockchain in more detail including how it may benefit the pharmaceutical sector.
Blockchain
The pharmaceutical sector is massive, and within it there are many regulations that must be met. These ensure a product is safe and allowed to be sold to the consumer. All aspects of the production of a drug, including, for example, clinical trials, manufacturing and distribution are controlled by regulations (Lo, 2017). Blockchain offers solutions to increase the validity, reliability and efficiency of drug production by easily ensuring regulations are being met. Furthermore, it also offers the opportunity to tackle one of the biggest problems: the influx of counterfeit drugs entering the supply chain and reaching consumers or patients (Roberts, 2017).