Effectiveness of Block Chain Technology in Reducing Counterfeit Drug Circulation Within Pharmaceutical Supply Chains Compared to Traditional Tracking Methods

Abstract

Falsified pharmaceuticals are making their way into pharmaceutical supply chains throughout the world, endangering public health, regulatory compliance, and the integrity of brands.  Though commonly used, traditional tracking technologies including paper records, barcodes, and RFID devices lack real-time traceability, are susceptible to manipulation, and rely on centralized systems that may fail or be controlled.  With its distributed, immutable, and transparent ledger system, blockchain technology provides a revolutionary alternative.  In comparison to more traditional approaches, this research finds that blockchain works better in reducing the distribution of counterfeit drugs.  Research and industry trials show that blockchain-enabled supply chains improve medication traceability, secure data integrity, and allow for anomaly detection in real-time.  In addition to lowering the cost and time required for verification processes, blockchain technology also allows for efficient regulatory audits and recalls.  The security and transparency of pharmaceutical logistics have been greatly enhanced by blockchain-based platforms, despite the fact that these systems still face hurdles in terms of integration, stakeholder acceptance, and data protection.  After reviewing the literature, this study finds that blockchain technology provides a viable alternative to conventional approaches for preventing pharmaceutical supply chain counterfeits.