Blockchain Technology to Combat Counterfeiting of Drugs in the Pharmaceutical Industry

Abstract

Counterfeiting is an ever-growing issue intensified by the increasing ease of access via e-commerce activities. The amalgamation of misinformation-driven panic, economic distress, and public health emergency contributes to the challenges related to the accessibility and supply of better and essential qualityof medicinal products, leading to price volatility, uncertainty, quality of issues, and drug shortages. The adoption of state-of-the-art technologies paves the way for the digital transformation of the pharmaceutical industry. Incorporating blockchain technology augments the safety of drugs, with easy detection of falsified drugs, thereby leading to minimized mortality rate and improved safety. Blockchain-based architectures enable the systems to offer a platform to substantially cater to the changing need for pharma-data privacy, data storage, quality assurance, and material traceability. This paper discusses the different technologies in the counterfeiting of drugs, with the prime focus being on blockchain technology. It emphasizes on the strategic decisions and models adopted by the key players in their supply chain processes to make these an efficacious one. The article also focuses on the relevant information regarding blockchain architectures and the challenges being faced in the implementation of this technology in combating counterfeiting in the pharmaceutical industry.

Keywords: Blockchain, Counterfeiting, Drugs, Pharmaceutical, Technology.

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