The presence of counterfeit drugs in the
healthcare industry is evident with one in ten medical
products in developing countries being substandard or
falsified. This means that there are a lot of patients
unaware that they’re taking medicines that fail to figure
as prescribed. This problem of counterfeits arises due to
a complex supply chain compounded by the lack of
transparency in the products’ end-to-end journey. Supply
chain management on its own is a complicated process
and the amount of time it takes to settle transactions and
regulations causes a lot of overhead. Blockchain
technology is perfect for supply chain management as it
features a decentralized and immutable digital ledger.
Blockchain provides security and its user-friendly
features help supply chain management overcome many
issues. The inherent features of the blockchain are further
enhanced by smart contracts which are computer
programs that will automatically execute, control, and
record events consistent with the terms written in them.
Our solution uses smart contractswritten for the ethereum
blockchain to record the drugs through-out their life cycle
the supply chain. This will provide how to prove the
authenticity of medicines and stop counterfeits from
entering the market. Being transparent in nature the
regulators (legal dept.) can easily verify the openly
available records at any time. The bills are often settled
between the participants via the trustless smart contract.
All this smoothens the whole processand saves valuable
time which may again cut costs. By ensuring minimal
delay in transactions and assuring the authenticity of
medicine the present pharmaceutical supply chain is often
furtherenhanced.