Blockchain know-how emerges as a doubtlessly strong answer to the continuing downside of counterfeit medicine within the pharmaceutical trade. In response to Goldstein Market Intelligence, the influence of counterfeit medicine this yr is estimated to be as excessive as $5.3 billion. Regardless of these challenges, trade consultants are optimistic in regards to the transformative influence of blockchain know-how in fixing this urgent downside.
Is blockchain the answer within the combat in opposition to counterfeit medicine?
Hyperspace Applied sciences CEO Oluseyi Akindeinde not too long ago highlighted the potential of blockchain in defending the pharmaceutical trade in an interview with Sunday PUNCH. Akindeinde burdened that blockchain’s potential to serialize medicines and assign verifiable safety features might considerably hinder the stream of counterfeit medicines.
To realize this, Akindeinde proposes integrating cryptographic non-fungible token (NFT) tags into medicines. These tags create a novel identification and supply an additional layer of safety. By encrypting NFTs, solely approved people with the proper code can entry data resembling possession particulars and any further knowledge, thus making certain the integrity of digital belongings on the blockchain.
The influence of counterfeit medicines goes far past monetary losses. In response to the United Nations, half 1,000,000 individuals die yearly from substandard medicine in sub-Saharan Africa alone. Shockingly, 267,000 of those deaths had been linked to counterfeit antimalarial medicine, whereas substandard antibiotics to deal with extreme pneumonia induced 169,271 deaths.
The State Meals and Drug Administration not too long ago took motion in opposition to the counterfeit drugs commerce, destroying pretend and expired items value over N500 million in Abuja. The regulator famous that the medicine destroyed included psychoactive and managed substances, antibiotics, antihypertensive medicine, natural medicines and medicines confiscated from unauthorized suppliers.
BTCUSD buying and selling at $48,173 on the weekly chart: TradingView.com
Sensible Contracts: The Antidote to Drug Counterfeiting
Akindeinde additional defined that blockchain know-how offers an immutable answer by using good contracts. Sensible contracts are immutable traces of code deployed on the chain. Every drugs could have a novel identification label positioned on the packaging in a wise contract, making manipulation virtually not possible.
The influence of counterfeit medicine goes past fast well being dangers. The reputations of reputable pharmaceutical firms have been tarnished, and the complete healthcare system is dealing with a lack of belief as a result of proliferation of counterfeit medicine. Blockchain know-how, with its inherent authentication and transparency, has the potential to revive belief and integrity.
Echoing the emotions, Sirfitech Director and Group Chief Adewale Kayode stated the know-how can present authentication and transparency throughout the complete pharmaceutical worth chain. From uncooked supplies to manufacturing and distribution, blockchain know-how can make sure the verifiability and traceability of medicines, thereby growing client and stakeholder confidence.
Because the counterfeit drug trade continues to develop, the adoption of blockchain know-how provides a glimmer of hope. Whereas challenges resembling regulatory frameworks and trade collaboration stay, blockchain’s potential to fight counterfeit medicines and shield lives is simple. The pharmaceutical trade is poised to leverage this transformative know-how to chart a path to a safer, extra dependable future.
Featured pictures from Freepik, charts from TradingView
