Blockchain know-how emerges as a possible strong resolution to the persistent difficulty of counterfeit medicines within the pharmaceutical sector. In accordance with Goldstein Market Intelligence’s forecast, the estimated influence of counterfeit medicines is a staggering $5.3 billion this 12 months. Regardless of these challenges, trade specialists categorical optimism in regards to the transformative influence of blockchain know-how in addressing this urgent concern.
Is Blockchain The Resolution To Counter Pretend Medication?
In a latest interview with Sunday PUNCH, Oluseyi Akindeinde, the CEO of Hyperspace Applied sciences, highlighted the potential of blockchain in safeguarding the pharmaceutical sector. Akindeinde emphasised that blockchain’s capacity to serialize pharmaceutical merchandise and assign verifiable security measures might considerably hinder the circulation of counterfeit medicines.
To realize this, Akindeinde proposed integrating encrypted non-fungible token (NFT) tags into pharmaceutical merchandise. These tags create distinctive identities and provide a further layer of safety. By encrypting the NFTs, solely approved people with the proper code can entry info corresponding to possession particulars and any hooked up knowledge, guaranteeing the integrity of digital property on the blockchain.
The influence of counterfeit medicines extends far past monetary losses. In accordance with the United Nations, substandard medication end in a staggering 500,000 deaths yearly in sub-Saharan Africa alone. Shockingly, inside that determine, 267,000 deaths are linked to counterfeit antimalarial medication, whereas substandard antibiotics for extreme pneumonia contribute to 169,271 deaths.
The Nationwide Company for Meals and Drug Administration and Management just lately took motion towards the counterfeit medication commerce, destroying over N500 million price of pretend and expired items in Abuja. The regulator famous that the destroyed medication included psychoactive and managed substances, antibiotics, anti-hypertensives, natural treatments, and medicines confiscated from unauthorized distributors.
BTCUSD buying and selling at $48,173 on the weekly chart: TradingView.com
Sensible Contracts: Antidote To Drug Counterfeiting
Akindeinde additional defined that blockchain know-how presents an immutable resolution via using sensible contracts. Sensible contracts are unchangeable strains of code deployed on the chain. Every pharmaceutical product receives a novel identification tag affixed to its packaging inside a sensible contract, rendering manipulation just about unattainable.
The implications of counterfeit medication lengthen past the rapid well being dangers. Legit pharmaceutical firms undergo reputational harm, and the complete healthcare system grapples with diminished belief because of the proliferation of pretend medication. Blockchain know-how, with its inherent authentication and transparency, has the potential to revive belief and integrity.
Adewale Kayode, the Director and Staff Lead at Sirfitech, echoed the sentiment, stating that the know-how might present authentication and transparency throughout the complete pharmaceutical worth chain. From uncooked supplies to manufacturing and distribution, blockchain know-how can make sure the verifiability and traceability of pharmaceutical merchandise, instilling confidence in customers and stakeholders alike.
Because the counterfeit medication trade continues to evolve, the adoption of blockchain know-how presents a glimmer of hope. Whereas challenges corresponding to regulatory frameworks and trade collaboration stay, the potential of blockchain to fight counterfeit medicines and defend lives is plain. The pharmaceutical sector stands poised to leverage this transformative know-how, forging a path in direction of a safer and extra dependable future.
Featured picture from Freepik, chart from TradingView
