Blockchain And Counterfeit Drugs. Its merit lies in an inherent feature, which allows data to no longer be stored centrally. The blockchain application areas covered in the papers were classified as counterfeit drug prevention, drug distribution, tracking and tracing, and safety and security.
Blockchain is an emerging technology that can help in solving this issue of counterfeit medicines. Each entry is individually encrypted. The problem of counterfeit drugs.
However, The Nation Is Also A Global Epicentre For Counterfeit Drugs, With Who Estimating That One In Five Drugs Sold In The Country Are Fake.
A study on how blockchain can assist in preventing drug counterfeit is presented in . Technological protection is considered to be the most effective way to avoid this problem. This allows any buyer to promptly identify whether their drugs are genuine or counterfeit.
The Ledger Contains Drug Manufacturing Data, Which Is Information That Wholesalers Haven't Had Access To Previously, According To Oliver Nuernberg, Chief Product Owner Of The Sap For Life Sciences Solution Portfolio.
Around 116,000 people across africa die of malaria each year because they have taken counterfeit drugs. Counterfeit drugs for tuberculosis and malaria kill 0.7 million people every year . Despite the west african drug policy commission (wadpc) cutting the estimate of counterfeit medications from 70% to 25% as far back as 2013, the figure remains high today.
A Medical Product Is Counterfeit When There Is A False Representation In Relation To Its Identity Or Source.
The problem of counterfeit drugs. Specifically, the attractive features of blockchain technology, such immutability, decentralization, distribution, and transparency, can address the issues of trustless between parties, tracking and monitoring all. Its merit lies in an inherent feature, which allows data to no longer be stored centrally.
Blockchain (Bc) Technology Has Revealed Unusual Opportunities To Reduce Fraud In The Pharmaceutical, Food And Electrical Equipment's, Industries.
The sap blockchain hub helps to ensure drug packages are authentic by creating a trusted, shared ledger that cannot be tampered with. Counterfeit drugs, with sales ranging from us$163 to $217 billion, are the most lucrative sector of the global trade in illegally copied goods, and adversely impact both consumers and pharmaceutical companies. They kill hundreds of thousands of people globally each year.
The Author Explains That Blockchain Technology Can Completely Alter The Current Mechanisms Involved In The Drug Supply Chain.
Counterfeiting is perhaps one of the oldest and most lucrative businesses, but the advancement in technology have much facilitated the business of counterfeiters Today, blockchain technology can offer full protection from counterfeit drugs entering the supply chain. For comparison, the illegal drug trade is worth around $246 billion.