Current trends in pharmaceutical industry: Post -CoVid-19 pandemic effects P8
December 10, 20256
Author and Source: Sranford University
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Block chain technology:
Supply chain disruptions have been disturbed by pandemics, natural disasters, price adjustments, cyber-attacks, delays in logistics and problems with products. The epidemic's effects on transportation have decimated international enterprises and the supply chain. For compliance and patient demands, footprint adjustments must be manufactured. Due to issues with maintaining the cold chain, a sizable number of COVID-19 vaccinations from the pharmaceutical sector were rendered useless during the pandemic [35].
To overcome the supply chain disruptions, BT, newer technology evolved in the last decade that have brought an end-to-end visibility in the supply chain, allowing stakeholders to track drugs from production to end-user delivery. Block chains are generally unbreakable shared database which employs networks of peers to store blocks of data for cryptographically bonded operations. By using unique identifiers, companies can verify the authenticity of each drug, preventing the circulation of counterfeit medicines. The fundamental characteristics of BT are transparency, decentralization and immutability. This promised a stable situation that improved supply chain security and efficiency [36, 37]. Nowadays, BT in pharma industry is recognized to be a "pharma-chain" that acts as decentralized hyper-ledger fabric framework to take care of interoperability, accountability and secrecy. Interoperability is one such important arena to be taken care post pandemic time. BT provided a building blocks for the trading partners and consumers where/the transparency of trusted and secured data is being used and to synchronize processes through a mutually agreed rule set. This has become compatible enough with supply chain disruption during pandemic [38]. Online surveys have shown that most customers viewed this new BT optimistically for the medical supply chain [39]. BT allows for smart contracts to establish data provenance and allows for both off-chain and on-chain storage for safe, quick transactions [40].
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