Blockchain Technology in Life Sciences
In the medical sector, new and innovative therapies keep improving life sciences. However, the same innovation challenges the supply chain. Life science is in a desperate need for authenticated and secure drugs that can become available whenever required.
Why is blockchain a solution?
Blockchain technology has gained an immense level of growth in terms of investment. Experts project that this growth can reach up to a $3 billion market level as we all reach 2025.
Blockchain technology is applicable in almost every step of the supply chain of life science. And at each of those steps, this technology offers a unique benefit.
Verifying product’s origin point becomes immutable with this technology. Tamper-proof blocks allow the use of digital markers. This way, all the chances of counterfeit product get diminished. Plus, life science supply chain meets every regulatory requirement.
2. Record management
The industry faces a need for extensive documentation. Highly complex records are created and managed, which increases the costs and administrative activities. All these processes can become automatic with this technology. Businesses need smart contracts that include regulations and logic of processing. Hence, all business data can get verified without wasting any time or money.
3. Sensitive data security
Access control is also possible with this technology. Networks act according to incorporated rules and restrict access to critical medical information. Hence, authorities know who accesses certain information and when. This can become a great advantage for healthcare consumers as well, who want to keep their health records confidential.
4. Managing internal process
There is a huge list of internal processes that life science companies have to manage. Tracking products, transactions, and factory operations are a few major internal processes. All in all, companies have to concentrate on their products in different steps such as raw material collection, packaging as well as labeling.
Choosing this technology can integrate each and every process spread across systems. Companies can skip multiple reconciliations and track everything with the help of a single ledger. This ledger will be available to every authoritative body. So, no need to hassle.
5. Multi-party collaboration
Collaboration is the most valuable property of this technology. Hence, clinical trial officers, trial sponsors, and multiple regulators can access and share data at the same time. A secure and shareable network brings transparency to the supply chain. Hence, every considerable party receives trustworthy collaborative network to rely on.
With speed and trust in life science, this technology offers the ability to transform the industry for good. Complications can go away and sensitive data can become more secure.
Soon blockchain is going to enable companies to present more relevant data for patients. Accurate information, continuous product availability, and other features can improve patients’ satisfaction. However, it all comes down to the manageability of health care and drug companies.
Life science sector requires a technology boost to attain much-needed goals in terms of security, speed, and quality. Hopefully, companies will understand this requirement and move forward in this direction as soon as possible. Only time will tell!