Blockchain technology is making its mark in the India economy in a wonderful way. It seems that big shot companies and the government had readily accepted this new age technology. They are adopting it in their respective domains for its best utilization and potential. In a recent update, it updated that the government officials are planning to implement a system for tracking and authentication of drugs at all the levels. This includes the path right from manufacture to authentication and their expedition from pharma companies to the patient.
According to The Print, it is stated that the government agency NITI Aayog is said to planning to put the entire made in India medicine stock on a blockchain based network. This has been done in order to fight against fake and counterfeit drugs. To implement this system within Indian agencies the government will be availing the services of US-based techie giant Oracle. The project will be implemented by them and is likely to begin in the first week of November.
There is a huge market of fake drugs in India, in fact, this an entire chain wherein a lot of people and agencies are involved directly. There have been several attempts made to break this vicious chain but the problem appeared again due to the gap in the management and the operational levels.
As per the reports of the Washington-based International Policy Network, it is noted that about 7 lakh people die every year around the world because of counterfeit drugs consumption. It is further mentioned that about 20 percent of all the drugs sold in India are said to be fake. This indeed is a dangerous and alarming figure.
How Will Blockchain Be Implemented In The System?
NITI Aayog advisor Anna Roy stated that their team is looking forward for an end-to-end implementation of blockchain technology. This is going to make the movement and leakage of fake drug almost impossible. In addition to this, the patients will also get the facility of tracking information about the drug simply by scanning the barcode on the cover.
The project plan and the suggestion are welcomed by the experts and it seems like a full proof technologically advanced method.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]