How blockchain adds value to the pharmaceutical industry
The pandemic highlighted the urgency to adopt blockchain technology by the pharmaceutical industry to overcome challenges and address vulnerabilities.
- Since blockchain enables secure and rapid transactions, the pharmaceutical industry is leveraging its capabilities to improve the supply chain
- Among the top use cases of blockchain in pharmaceuticals include manufacturing supply chain, drug safety, and Inventory management
- The technology also promises the potential for faster delivery of safe medications and meeting government requirements at the same time
Blockchain has been serving as a disruptive technology within most industries that have increasingly embraced it over the past decade. But only when the Covid-19 pandemic struck, it became clearer that the global supply chain within the pharmaceutical industry is lacking the connectivity and data exchange that can ostensibly be resolved with blockchain technology.