Blog

Blockchain expertise emerges as a possible strong answer to the persistent challenge of counterfeit medicines within the pharmaceutical sector. According to Goldstein Market Intelligence’s forecast, the estimated impression of counterfeit medicines is a staggering $5.3 billion this 12 months. Despite these challenges, trade specialists specific optimism in regards to the transformative impression of blockchain expertise in addressing this urgent concern.

Is Blockchain The Solution To Counter Fake Drugs?

In a current 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 capability to serialize pharmaceutical merchandise and assign verifiable security measures might 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 supply an extra layer of safety. By encrypting the NFTs, solely licensed people with the right code can entry info comparable to possession particulars and any connected information, making certain the integrity of digital property on the blockchain.

The impression of counterfeit medicines extends far past monetary losses. According to the United Nations, substandard medicine end in a staggering 500,000 deaths yearly in sub-Saharan Africa alone. Shockingly, inside that determine, 267,000 deaths are linked to counterfeit antimalarial medicine, whereas substandard antibiotics for extreme pneumonia contribute to 169,271 deaths.

The National Agency for Food and Drug Administration and Control lately took motion towards the counterfeit drugs commerce, destroying over N500 million price of faux and expired items in Abuja. The regulator famous that the destroyed medicine included psychoactive and managed substances, antibiotics, anti-hypertensives, natural cures, 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 provides an immutable answer by means of the usage of good 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 wise contract, rendering manipulation nearly not possible.

The implications of counterfeit medicine lengthen past the quick well being dangers. Legitimate pharmaceutical firms undergo reputational injury, and all the healthcare system grapples with diminished belief because of the proliferation of faux medicine. 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 might present authentication and transparency throughout all the 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 shoppers and stakeholders alike.

As the counterfeit drugs trade continues to evolve, the adoption of blockchain expertise provides a glimmer of hope. While challenges comparable to regulatory frameworks and trade collaboration stay, the potential of blockchain to fight counterfeit medicines and shield lives is plain. The pharmaceutical sector stands poised to leverage this transformative expertise, forging a path in the direction of a safer and extra dependable future.

Featured picture from Freepik, chart from TradingView