Today’s Pharma drug supply chains are complex, centralized and siloed. The US Food & Drug Administration (FDA) and the European Commission have passed regulations which are set to come into full effect in 2018 and require the Pharma Industry to implement a track-and-trace system that must affix product identifiers to each package of product that is part of the drug supply chain.
In the US, the new regulations will require traceability across the entire supply chain: from Active Pharmaceutical Ingredient (API) to the final packaged product.
We know that the drug supply chain management will not be easy, because it consists of a global network of companies that lack a data sharing framework (ie, raw material suppliers, manufacturers, third party logistics, wholesalers, and pharmacies).
For this track-and-trace system to function effectively, it will require a secure, transparent, and distributed technology solution: the Blockchain. The BlockRx Pharma Ecosystem combines three components:
- Hyperledger Sawtooth by Intel is the most robust, trusted enterprise-level blockchain solution in the market today
- Advance Digital Ledger Technology translates legacy data for the blockchain, so Pharma can continue with their existing internal systems
- The BlockRx Token incentivizes participation and will create a data economy which the Pharma industry sorely lacks.