The eyes of the world have been on the pharmaceutical sector in 2020 as industry leaders race to test, produce and distribute a vaccine to combat COVID-19. Once a vaccine is approved for use, attention will turn to the logistics of shipping, storage and distribution, particularly if exceptionally cold storage temperatures are required.
Blockchain, long associated with finance and cryptocurrency, offers a unique path forward for the pharmaceutical and logistics industries to maintain the necessary supply chain, particularly when threatened by disruption at an unprecedented scale.
The pharmaceutical supply chain involves researchers, clinicians and third-party logistics teams, each of whom does their part to develop and deliver a product that medical professionals and patients can trust. From ingredient sourcing to stocking products in pharmacies, a vast amount of data is generated and shared between parties. Ensuring this data’s integrity plays a significant role in building the public’s trust in new vaccines and medication.
Blockchain’s distributed ledger capabilities can enable pharmaceutical supply chains to unify, trace, and secure this data. As such, blockchain innovations can inspire stakeholder confidence and accelerate a solution to the current human health crisis.
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