An average of one million patients worldwide have died due to toxic pharmaceuticals. By people online, on the streets, and even in the hospitals. Earlier this year the World Health Organization conducted research that one in ten medical products being used in low and middle-income counties are fake. Drugs of all sorts are in possession of people that don’t know better. Efforts to try and stop this occurrence from happening but no results came out of it. It is affecting human health and of course, is a highly illegal industry. Let’s delve into how Blockchain technology can resolve this reoccurring issue.
A new method put into action is an effort to prevent this from becoming the new normal. Instead of catching the falsified medication, the plan is to focus on the original and genuine product. This leads us to a transparent pharmaceutical industry where consumers know what they are buying and are sure that products are authentic.
The current state of the market makes it unlikely that a single pill can be taken all the way back to its source. Pharmaceutical supply chains are tremendously long and intricate, and the fact that the items are little and manufactured in vast quantities doesn’t help the matter. Blockchain technology is the solution. Blockchain technology in its basic form is to decentralize intricate chain systems. Therefore, in this case, it can be the solution in tracing the secrecy of medication to where it came from.
Globally speaking there can be room for false information regarding these products such as an attempt from people to record false drugs as legit. The blockchain system works in a way that if there are false attempts to add information into the chain used as evidence.
This solution is beneficial for both the consumers and the manufacturers. The consumers will rest assured they are receiving official medication and the manufacturers will be gaining money. Instead of all the counterfeit products that are not affecting their income. Now, they will be gaining from the medicine they produce. Leading the pharmaceutical world to a better and more reliable place.