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The counterfeiting of prescription drugs is a serious problem worldwide, but it is most rampant among the nations of the developing world. Many observers believe that blockchain technology could sharply reduce the magnitude of this problem.
Blockchain technology may eventually provide a new weapon in the fight against the counterfeiting of prescription medications, a problem that is particularly widespread among the oral erectile dysfunction drugs known as PDE5 inhibitors.
The technology, initially developed to protect and secure bitcoin (a digital currency, also known as a cryptocurrency) transactions, features a record-keeping system that is secured by cryptography.
Each block in a blockchain record includes an encrypted version of the previous block as well as a timestamp and details of the latest transaction in the supply chain. Its very design makes it virtually impossible to modify data since the alteration of data in one block requires alterations of the data in all subsequent blocks.
Sees Potential for Blockchain
In an article posted at the website of The Australian, Mark Toohey said he believes blockchain technology “can fix the grim realities of corrupted supply chains in the pharmaceutical industry.” Toohey is the cofounder of TBSx3, the Australia-based developer of a blockchain-based verification system said to deliver military-grade security across global supply chains.
Scitech Europa, an online forum for the latest news and developments in European science and technology, also sees great potential for blockchain technology as a way to combat the threat posed by counterfeit drugs. A recent article at the website estimated that roughly 1 percent of all drugs circulating in Western markets are fake. The prevalence of counterfeit medications is even greater in developing countries.
Africa Awash in Fake Drugs
The problem of counterfeit drugs is particularly acute in Africa, according to a recent article posted at the website of Bitcoin Africa. IBM, which is heavily invested in the worldwide fight against fake drugs, estimates that more than 122,000 children under the age of 5 die each year because of counterfeit antimalarial medications.
In an effort to stamp out or at least sharply reduce traffic in counterfeit drugs, IBM is exploring the use of blockchain technology to aid in the fight at its laboratory in Haifa, Israel, according to the article. “When applied in the pharmaceutical supply chain,” the article continues, “the blockchain tracks the drugs at each stage from the pharmaceutical company to the patient.”
IBM’s Research Model
IBM’s research model for a blockchain-based pharmaceutical supply chain envisions a trusted network of pharmaceutical manufacturers, transportation carriers, chemical laboratories, hospitals, and clinics. All parties on the supply chain network would be certified and authorized to initiate a transaction and then follow it up with tracking and verification.
The benefits of a blockchain-based pharmaceutical supply chain network, such as the one proposed by IBM, would include decreased costs, faster ordering, increased transparency, and — most important of all — reduced health risks.
Potential Should Not Be Underestimated
Acknowledging that the full benefits of blockchain in the pharmaceutical sector may not be realized for some time, IBM’s Francisco Curbera told Scitech Europa that it would be a mistake to underestimate the technology’s potential. Curbera is director of the blockchain and consumer health development at IBM Watson Health.
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