From streamlining the drug supply chain to managing clinical trials data, life sciences organizations are looking to blockchain to digitize and optimize critical business processes and unlock the following opportunities:
Why Blockchain for Life Sciences?
How Blockchain Works in Life Sciences
The blockchain can connect any number of entities on a single, shared, immutable ledger, replacing disparate systems and improving security, traceability and efficiency.
Use Case 1: Drug Traceability
The drug supply chain is incredibly long and involves multiple parties, including different logistics providers who lack transparency into one another’s tracking systems. This results in a lack of trust between parties and a failure to optimize spending on traceability.
A blockchain-based tracking solution helps drug producers and manufacturers easily monitor where their products are located based on scans of unique identifiers at each stop in the supply chain. All parties involved have a single source of truth and receive real-time updates depending on permissions.
Use Case 2: Drug Counterfeit Prevention
The Drug Supply Chain Security Act requires all US drug manufacturers to use unique identifiers (bar codes) on the drugs they produce, but this doesn’t solve the problem of counterfeiters stealing serial numbers to legitimize the dangerous fake medicine they’re selling.
Unique identifiers are registered on a blockchain-based traceability solution and securely stored in the system to make the supply chain highly transparent. When fake medicine is discovered, it is easy to trace where the information leak took place and identify other potentially counterfeit drugs.
Use Case 3: Contract Management
Pharmaceutical companies manage hundreds or even thousands of contracts with a range of vendors, individuals and organizations, but there is no central, secure repository to store contract data. This results in inefficient, complicated contract management and a lack of visibility for organizations.
Static contracts are replaced with dynamic, smart agreements that track their own execution. Data can be exchanged directly between networked contracting parties without the need for intermediaries, helping pharmas to ensure compliance and improve collaboration with CROs.
Have a Use Case Not Mentioned Above?
If the blockchain use case you had in mind isn’t listed here, please let us know and we’ll explore its potential for your enterprise with you!