Blockchain is one of the many technologies that have been brought about by the digital transformation aimed at enhancing the security, transparency and performance of all levels of the digital space. This technology, which was introduced just over a decade ago, has the power to change the rules and introduce new ways for cooperation.
Over the last few years many organisations have expressed a lot of interest in blockchain technology, implementing it as part of their regular operations. In this regard, the pharmaceutical industry has not been left behind. Continue reading below to find out how blockchain pharmaceutical compliance management software can help improve this important industry.
What Is Blockchain?
In a nutshell, a blockchain is a unique database type, in which data is stored in blocks that are then linked together. A block is chained to the previous block, every time it is filled with new data. The data, which is entered into the chain in chronological order, cannot be altered – making for an irrevocable solution.
Blockchain software can come in a variety of forms including, private systems that require direct permission to read or write, as well as public, open source variants that are openly available.
Ways That Blockchain CMO Software Is Being Used In The Pharmaceutical Industry
Based on its many associated advantages, blockchain has a variety of applications in the pharmaceutical industry, they include:
To begin with, blockchain pharmaceutical software can be used to improve the performance of clinical trials and studies. It can be used to ensure the strict adherence to clinical trial protocols, thanks to its unchangeable nature. People taking part in clinical trials can be confident in the process they are participating in, because blockchain provides a secure environment that cannot be hacked.
It is very difficult to hack the system as it is distributed across different parties. Since the information is held by numerous parties, even in the event of successful hacking, the information would still remain intact. Therefore, clinical trial data accuracy and security can be guaranteed. Furthermore, the results of clinical trials can be accessed through the creation of public registries.
Management Of Patient Data
In the years to come, it is hoped that blockchain technology will make the distribution and management of patient data across various providers, from research to insurance, easier. Organisations from all corners of the world will be able to see the information they need by using a single identifier.
Enhancement Of Supply Chain
One of the main issues that many companies in the pharmaceutical industry face is supply chain management and enhancement. By facilitating faster and more secure transactions across the entire world, blockchain pharmaceutical software goes a long way towards solving these issues. This solution can be used by organisation seeking to come up with medicine origins and auditable trials along the supply chain. A drug’s delivery process and conditions, quality, development process and source can be verified by everyone from manufacturers to clients with the help of this solution.
Due to the distributed nature of the database, this technology enhances security and transparency. To make sure that the information is updated and provided in a timely manner and that the parties involved can update, share and review the data, everyone in the supply chain should be able to adhere to the rules of the system.
Since parties can be able to manage the process of developing medications, from start to finish, the use of this technology can help companies reduce the number of fake products, and unscrupulous producers, in the market. It is important to note that about ten percent of all drugs in the market are fakes, a number that could be significantly higher in less developed countries.
All in all, the application of blockchain pharmaceutical software may go a long way towards creating a safe supply chain environment that can be controlled using a single piece of software.
Management Of Inventory
It is also worth noting that this software can be used in the management of inventory. Businesses can manage and control their inventory better by properly integrating this software into their supply chain management system. Whenever the organisation is in need of more drugs, the software can send out orders automatically.
Application In R&D
By making it easier for organisations, from academic to manufacturing entities, to work together blockchain pharmaceutical software has the potential to improve the process of drug development and discovery. For instance, by eliminating the need for lawyers and banks, and other middlemen, through the implementation of smart contracts, the time to market for new drugs can be significantly reduced.
Furthermore, data analysis and mining of existing patent applications and literature can be improved significantly by using this solution in combination with NLP, ML and AI.
From the above, it is clear to see that organisations in the pharmaceutical industry need to start analysing how they can use blockchain software to improve their workflow moving into the future.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.