DLT (Distributed Ledger Technology) & Block chain Technology is a disruptive technology that allows for a secure, transparent and real-time sharing & transfer of data and documents between multiple involved parties in a distributed system.
This makes it the ideal technology for the Pharmaceutical industry – allowing for secured user access & traceability, cost-effectiveness and accuracy in transactions.
Distributed Laser Technology (DLT) is a revolutionary new technology that has proven to be a great benefit for the pharmaceutical industry. It is used to reduce laboratory and production equipment costs while increasing safety and efficiency.
DLT technology utilizes small lasers that can be spread over large areas, allowing the collection of data from multiple sites within seconds rather than hours or days. This real-time feedback enables pharma companies to quickly identify opportunities for improvement and address issues quickly, thus reducing costs and improving product quality.
By eliminating physical barriers between laboratories, scientists are also able to collaborate more easily with each other as well as access information more quickly than ever before. DLT’s distributed architecture also allows for greater scalability, making it easier for pharma firms to expand their operations without worrying about hardware constraints or data leak risks associated with centralized systems.
How distributed ledger technology is used for pharmaceuticals?
There are two major concerns within the pharmaceutical supply chain,
1-First one is counterfeit and
2-Second one is pharmaceutical arbitrage opportunities which is defined as the problem, for example government granted subsidies for expensive drugs but someone buy from market on subsidised rate and sold on a higher price.
The block chain presents a unique opportunity to increase trust and transparency in the pharmaceutical industry. By utilizing barcodes, customers can track products throughout the supply chain, ensuring that only trusted parties are granted access to write on the block chain.
This record is delivered in real time, allowing manufacturers and end customers to scan the barcode and view the product’s history. Furthermore, the block chain-based control system ensures end-to-end tracking, eliminating the possibility of illegitimate drug modification, particularly at interfaces and manual intervention points. In this way, the block chain provides drug identification, tracing, verification, and notification services, ensuring the safety and security of pharmaceutical products.
Conclusion
1-DLT (Distributed Ledger Technology) and block chain have been gaining a lot of traction in various industries, including pharmaceuticals.
2-In the pharmaceutical realm, DLT and block chain can be used to keep track of delivery routes, monitor the supply chain and storage & transportation of drugs, and to create smart contracts based on regulatory requirements.
3. Moreover, block chain can also be used to monitor stock levels, reduce errors in the supply chain, detect fake drugs, and control the distribution of drugs.
4. One of the most exciting aspects of DLT and block chain use in the pharmaceutical industry is that it allows for real-time tracking of drugs from manufacturer to
5- Many top Pharmaceutical companies are now taking advantage of DLT & Block chain to improve the quality and operations of their products. Companies have implemented DLT & Block chain technology in various aspects of their Pharmaceutical business, such as supply chain management, patient data analysis and drug authentication