Integrating Blockchain Technology in Biopharmaceutical Supply Chain: Enhancing Traceability and Trust

Abstract

The supply chain for biopharmaceutical is extensive and a system is comprised of many players and strict liability standards. Deploying blockchain technology can enhance major benefits in the process of supply chains such as; accountability, data security, audibility, and speed of the entire system. Products can be tracked in real time, drugs and other products are protected from counterfeiting, and products conform to standards set across the globe. This paper aims at analyzing whether blockchain can bring significant changes to the supply chain in the biopharmaceutical industry or not. Research study also determine that all the foregoing activities are automated through smart contracts which cuts big Operational costs and usually has little or no chances of human errors. It further enables the safe exchange of information, optimizes, inventory controls, and minimize the possibility of supply chain disruptions. However, some challenges such as system integration, scalability issues and regulatory frameworks are still huge.