Solutions for Healthcare
The pharmaceutical industry is showing great interest in using the possibilities of blockchain technology to put an end to the problem of a counterfeit drug industry that is responsible for the deaths of 200,0001 people and that has an estimated $75 billion in sales annually.
iDefendo is proud to be a part of the International Trademark Association’s Anticounterfeiting Committee, which is working to develop and advocate for related anti-counterfeiting policies and to promote better cooperation between the private and public sectors to advance protection against counterfeiting.
How you benefit
Elimination of fraud
Establish a trusted record of provenance
Create proof of the provenance and authenticity of products at every step of the supply chain
Establish an immutable audit trail that is verifiable in real time
Our blockchain-based solutions are useful tools for tackling many of the challenges faced by the pharmaceutical industry. Needless to say, pharma companies need an extremely secure supply chain since pharma drugs are often stolen and sold illegally. By providing reliable and immutable evidence, our solutions are creating trust and transparency and establishing authenticity throughout the supply chain.
Entries of data in the blockchain are immutable and time-stamped, so they establish a trusted record of provenance. From manufacture to the end consumer, every time a product changes hands the details of that transaction are documented and logged in the blockchain database. By enabling access to a more complete dataset, iDefendo will help companies improve their practices, mitigating risk and making it easier to detect unethical suppliers and fight counterfeiting.
The transparency offered by iDefendo’s solutions gives brand owners the enormous potential of providing customers with indisputable proof of the provenance and authenticity of products, which increases security and makes the market safer. Data and transactions can be linked to permissioned blockchains and companies can track who has shared data with whom without revealing the data itself. Every step can be traced, both upstream and downstream, reducing risks and giving all involved parties and stakeholders the details they require.
A large number of pharmaceutical manufacturers and wholesalers, who have to cope with strict rules and regulatory pressure, are adopting blockchain technology to track and trace prescription drugs. iDefendo’s solutions create a trusted audit trail that is verifiable in real time. These immutable records of actions enhance regulatory compliance and are a key component of ensuring compliance with current and future regulations.
Counterfeit drugs cost pharmaceutical companies nearly $200 billion annually. A transparent blockchain will help companies closely track drugs to their point of origin, thereby helping eliminate falsified medication.
Source: PwC, The risk of the online counterfeit economy, 2016 blockgeeks.com/guides/blockchain-in-healthcare
According to studies, approximately 56% of healthcare executives are expected to adopt blockchain technology by the year 2020.
Source: IBM www.ibm.com/downloads/cas/BBRQK3WY?cm_mmc=OSocial_Blog-_-Blockchain+and+Watson+Financial+Services_Blockchain-_-WW_WW-_-Is+there+a+blockchain+delay+in+Healthcare+In+Text+IBV+Healthcare+Study&cm_mmca1=000020YK&cm_mmca2=10005803