X
Pharma Advancement
  • Home
  • Articles
  • Drug Development
    • All
    • Clinical Trials
    • FDA Approvals
    • Research & Development
    Merck to Acquire Verona

    Merck to Acquire Verona Pharma in $10B Deal Boosts COPD Drug

    Emerging Oral Small Molecule Drugs

    Emerging Oral Small-Molecule Drugs for Ultra-Rare Diseases

    FDA Approves Oral Therapy for Treating Hereditary Angioedema

    FDA Approves Oral Therapy for Treating Hereditary Angioedema

    Avadel Pharmaceuticals Receives

    Avadel Pharmaceuticals Receives Orphan Drug Designation from FDA for LUMRYZ™ (sodium oxybate) for Extended-Release Oral Suspension for the Treatment of Idiopathic Hypersomnia

    Robots and AI in Drug

    Robots and AI in Drug Discovery Are Transforming Medicine

    Stringent Policy around COVID Vaccines Laid by FDA

    Stringent Policy around COVID Vaccines Laid by FDA

    Pharmaceutical-Chemicals Market Booms with Rising API Demand

    Pharmaceutical Chemicals Market Booms with Rising API Demand

    Next in Pharma 2025 Innovations

    Next in Pharma 2025: Innovations Shaping the Future

    Work Smart: Go for Hands-Free Lab Informatics at the Bench, Not Scribbled Notes and Delayed Documentation at Your Desk

  • Manufacturing
  • Supply Chain
  • Facilities
  • Insights
  • Events
  • Contact Us
No Result
View All Result
  • Home
  • Articles
  • Drug Development
    • All
    • Clinical Trials
    • FDA Approvals
    • Research & Development
    Merck to Acquire Verona

    Merck to Acquire Verona Pharma in $10B Deal Boosts COPD Drug

    Emerging Oral Small Molecule Drugs

    Emerging Oral Small-Molecule Drugs for Ultra-Rare Diseases

    FDA Approves Oral Therapy for Treating Hereditary Angioedema

    FDA Approves Oral Therapy for Treating Hereditary Angioedema

    Avadel Pharmaceuticals Receives

    Avadel Pharmaceuticals Receives Orphan Drug Designation from FDA for LUMRYZ™ (sodium oxybate) for Extended-Release Oral Suspension for the Treatment of Idiopathic Hypersomnia

    Robots and AI in Drug

    Robots and AI in Drug Discovery Are Transforming Medicine

    Stringent Policy around COVID Vaccines Laid by FDA

    Stringent Policy around COVID Vaccines Laid by FDA

    Pharmaceutical-Chemicals Market Booms with Rising API Demand

    Pharmaceutical Chemicals Market Booms with Rising API Demand

    Next in Pharma 2025 Innovations

    Next in Pharma 2025: Innovations Shaping the Future

    Work Smart: Go for Hands-Free Lab Informatics at the Bench, Not Scribbled Notes and Delayed Documentation at Your Desk

  • Manufacturing
  • Supply Chain
  • Facilities
  • Insights
  • Events
  • Contact Us
No Result
View All Result
Pharma Advancement
No Result
View All Result
Home IPR Data Management

Advancing Pharma Logistics – Smart Contracts And Blockchain

Content Team by Content Team
25th May 2023
in IPR Data Management, News

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Researchers from Sweden have identified the advantages of employing smart contracts on blockchain platforms within the pharmaceutical supply chain to combat counterfeit drugs. Despite the estimated value of the counterfeit market exceeding $200 billion and the numerous benefits it offers, blockchain technology has not been fully integrated into the pharmaceutical supply chain.

Key Challenges in the Pharma Supply Chain

The pharmaceutical supply chain faces various challenges, including lengthy transportation distances, limited transparency regarding inventory levels, and the risk of cargo theft. These challenges often result in inventory shortages. Additionally, the development of expensive drugs to treat rare diseases necessitates their timely availability, making real-time insights an imperative requirement.

Advantages of Blockchain Technology for the Pharma Supply Chain

Blockchain technology offers compelling advantages in addressing the aforementioned challenges within the pharmaceutical supply chain. By providing timely data and enhancing the authenticity, integrity, and immutability of shared data, blockchain mitigates the risks associated with counterfeit drugs and inaccurate information.

One key benefit of incorporating blockchain technology in the pharmaceutical supply chain is its compatibility with other technologies such as radio frequency identification (RFID) and barcodes. Moreover, blockchain’s real-time accessibility throughout the supply chain enables the implementation of paperless mechanisms that establish an unalterable and decentralized system, thereby preventing fraud. The utilization of smart contracts, which play a crucial role in facilitating international trade and logistics operations, allows users to trace counterfeit returns back to the producer and supplier using RFID tags.

Blockchain also goes on to offer non-modifiable data uploading along with traceability and cost-effective data storage. Additionally, patients and sponsors gain real-time access to clinical trial data, reducing the overall cost of trials.

Detecting counterfeit drugs within complex distribution networks is a challenging task. However, according to insights, there’s a framework that employs smart contracts and distributed ledgers to effectively tackle this issue in the drug supply chain.

Summing It up

Implementing blockchain technology with smart contracts ensures end-to-end protection and privacy in the pharmaceutical supply chain. It presents opportunities for incident detection and reduction, comprehensive auditing of the chain, and transparency throughout the entire business rather than focusing solely on transactions.

Previous Post

Switzerland Emerges As The Headquarters For European Biotech

Next Post

Impact of AI On The Pharmaceutical Industry Sparks Debates

Related Posts

Merck to Acquire Verona
Drug Development

Merck to Acquire Verona Pharma in $10B Deal Boosts COPD Drug

21st July 2025
ChiRhoClin LogiCare3PL Partners for Drug Distribution
News

ChiRhoClin, LogiCare3PL Partners for Drug Distribution

21st July 2025
Thermo Fisher and Sanofi Partners
Manufacturing

Thermo Fisher and Sanofi Partners for US Drug Manufacturing

21st July 2025
EMA Recommendations to Secure Anti D Immunoglobulins Supply
News

EMA Recommendations to Secure Anti-D Immunoglobulins Supply

15th July 2025
FDA Approves Oral Therapy for Treating Hereditary Angioedema
FDA Approvals

FDA Approves Oral Therapy for Treating Hereditary Angioedema

15th July 2025
WuXi Biologics and Virogen Bio partner to advance VG712
News

WuXi Biologics and Virogen Bio partner to advance VG712

19th June 2025
Next Post

Impact of AI On The Pharmaceutical Industry Sparks Debates

Qucik Links

  • Drug Development
  • Manufacturing
  • News
  • Events & Conferences
  • Newsletter Archive
Pharma Advancement

About Us

Pharma Advancement is a leading Pharma information centric website. On one side Pharmaadvancement.com has established itself as one of the most efficient and comprehensive source of Pharma information online, dedicated to providing decision makers in all the Pharma industry sectors with reliable, accurate and useful insights into happenings in the Pharma sector.

Subscribe Us

System

  • Search
  • Sitemap
  • RSS Feed

Resources

  • Advertise with us
  • Contact Us
  • Download Mediapack
  • Newsletters Archive

© 2017 Copyright © Valuemediaservices 2017 All rights reserved.

No Result
View All Result
  • Home
  • Articles
  • Drug Development
  • Manufacturing
  • Supply Chain
  • Facilities
  • Insights
  • Events
  • Contact Us

© 2017 Copyright © Valuemediaservices 2017 All rights reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In