Inadequate quality-control processes during manufacturing results in poor-quality drugs to hit the market.
How Blockchain Can Help?
Blockchain can address the quality control issue by providing visibility at all points in the pharma supply chain. This can be achieved by tagging drugs with unique bar codes. By scanning these bar codes, the drugs records are kept on a blockchain in secure digital blocks.
These records are updated in real-time as drugs travels from one entity to the other in the supply chain. This mechanism of tagging the drugs to trace and track them is known as serialization, provides access to the authorized parties for checking the records any time.
Each and every input and output in the drug development cycle will be monitored. A progress can be made to the next cycle of drug development, only when the drug meets the required standards of drug efficacy, efficiency, product specification, substance specification, and other expected results.
Multi-party computation enables all the stakeholders of the drug supply chain to validate the clinical trial results, thus ensuring the correctness of drug specifications. It can also ensure that CGMP (Current Good Manufacturing Practice) regulations are met.
Blockchain technology by detecting the faulty drugs at the initial stages of manufacturing, can safeguard the manufacturers from hitting losses. By detecting discrepancies in any stage of drug development, the process can be improvised to meet the industry standards.