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To combat drug counterfeiting.
According to the WHO, 10% - 30% of the drugs on the market are counterfeit leading to 1 million deaths per year. This is a $200 Billion per year problem; every transfer point in the supply chain is vulnerable to counterfeiters & diversions. Unsecured Supply chains and data silos could lead to data hacks and inflict serious damage on the brand names and their bottom lines. There is no clear way to trace a product’s journey across the supply chain that can reveal the true origin and touch points.
A blockchain based drug supply chain will have all the required entities like the manufacturer, distributors (3PL), and pharmacist or hospital on a trusted network. A visible supply chain is created when drug bottles are labelled with serial numbers and packages containing these serial numbers are scanned and recorded on the blockchain at every point along its journey from factory to pharmacy. This provides end to end visibility and transparency to all participants & reduces drug counterfeiting.