Among so many popular uses of blockchain technology, its application in the field of pharmaceutical and healthcare remains one of the best ones. The companies have come ahead to leverage the best potential of this technology in this industry. One such developmental initiative has been taken by software giant SAP which has launched a blockchain powered supply chain tracking service which will help in identifying counterfeit drugs. It will enable the drug wholesalers to check the authenticate pharma packaging of the items that are being returned from pharmacies and hospitals.
In an estimated figure it is unveiled that approximately 60 million pharmaceutical items are being returned each year to the U.S. wholesalers which have an estimated cost of about $7 billion. The multinational tech giant announced their plans to integrate this form of distributed ledger technology for monitoring a wider range of healthcare supply chain operations.
Blockchain technology can play a major role in reshaping the entire pharmaceutical domain with enhanced decentralized and distributed healthcare data along with immutable qualities. According to Computer World, a recent report stated that by the year 2020 about 20 percent of the healthcare organizations will begin using blockchain based services and products for their operational management.
SAP And Blockchain
SAP stepped in blockchain sector last year announcing that it is working with various shipping, pharma, and technology companies on an automated blockchain-powered supply chain tracking system. It has been designed to guarantee the authenticity of goods and strengthening their visibility in the entire process. The cloud operated solution of SAP is endowed with the framework such as Hyperledger Fabric and Linux Foundation’s blockchain platform as mentioned by Coin Desk.
The tech giant has launched a blockchain technology consortium which will include big market leading brands such as HP Enterprise, Intel and UPS for exchanging knowledge about this emerging technology.[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. ]