Blockchain expertise emerges as a possible strong answer to the persistent situation of counterfeit medicines within the pharmaceutical sector. According to Goldstein Market Intelligence’s forecast, the estimated affect of counterfeit medicines is a staggering $5.3 billion this yr. Despite these challenges, trade specialists specific optimism concerning the transformative affect of blockchain expertise in addressing this urgent concern.
Is Blockchain The Solution To Counter Fake Drugs?
In a latest interview with Sunday PUNCH, Oluseyi Akindeinde, the CEO of Hyperspace Technologies, highlighted the potential of blockchain in safeguarding the pharmaceutical sector. Akindeinde emphasised that blockchain’s skill to serialize pharmaceutical merchandise and assign verifiable security measures may considerably hinder the circulation of counterfeit medicines.
To obtain this, Akindeinde proposed integrating encrypted non-fungible token (NFT) tags into pharmaceutical merchandise. These tags create distinctive identities and provide an extra layer of safety. By encrypting the NFTs, solely licensed people with the proper code can entry info akin to possession particulars and any hooked up information, guaranteeing the integrity of digital property on the blockchain.
The affect of counterfeit medicines extends far past monetary losses. According to the United Nations, substandard medication lead to 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 National Agency for Food and Drug Administration and Control just lately took motion in opposition to the counterfeit medication commerce, destroying over N500 million value 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
Smart Contracts: Antidote To Drug Counterfeiting
Akindeinde additional defined that blockchain technology gives an immutable answer by means of using sensible contracts. Smart contracts are unchangeable traces of code deployed on the chain. Each pharmaceutical product receives a singular identification tag affixed to its packaging inside a sensible contract, rendering manipulation nearly unattainable.
The implications of counterfeit medication prolong past the rapid well being dangers. Legitimate pharmaceutical firms endure reputational injury, and the complete healthcare system grapples with diminished belief because of the proliferation of pretend medication. Blockchain expertise, with its inherent authentication and transparency, has the potential to revive belief and integrity.
Adewale Kayode, the Director and Team Lead at Sirfitech, echoed the sentiment, stating that the expertise may present authentication and transparency throughout the complete pharmaceutical worth chain. From uncooked supplies to manufacturing and distribution, blockchain expertise can make sure the verifiability and traceability of pharmaceutical merchandise, instilling confidence in customers and stakeholders alike.
As the counterfeit medication trade continues to evolve, the adoption of blockchain expertise gives a glimmer of hope. While challenges akin to regulatory frameworks and trade collaboration stay, the potential of blockchain to fight counterfeit medicines and defend lives is simple. The pharmaceutical sector stands poised to leverage this transformative expertise, forging a path in direction of a safer and extra dependable future.
Featured picture from Freepik, chart from TradingView
