What NFTs and Blockchain Can Do for the Pharmaceutical Industry

What NFTs and Blockchain Can Do for the Pharmaceutical Industry

Naveen Joshi 14/02/2023
What NFTs and Blockchain Can Do for the Pharmaceutical Industry

NFTs and blockchain are shifting the paradigm of how the pharma industry takes its stances in the modern world.

The domination of blockchain and NFTs in every news outlet has recently been a recurring event while it is far from reaching its culmination in the industries. Its more conspicuous and emerging advantages can be seen through the digital art form, music, the digital world, video clips and pay-outs. However, NFTs and Blockchain formulate a bigger picture in emerging as a boon for a copious amount of domains, of which one is the healthcare and pharmaceutical industry. While its exponential journey has just started, by 2025, 55% of healthcare applications will have adopted blockchain for commercial deployment. In such times, NFTs and blockchain for pharma are implementing revolutionary benefits to assist the global industry. Let’s shed light on the bigger picture.

NFTs and Blockchain for Pharma and What It Means For The Healthcare

The current overview of the pharmaceutical industry is a far cry from ideal. Numerous shortcomings plague the fundamentals on which the industry functions. Supply chain discrepancies, increasing customer scrutiny and demands, data disparity and time-consuming analytics are a few loopholes driving the stagnation of pharma. The modern-day inertia of technology drives blockchain forward to rectify these issues in the industry, increasing drug authenticity, enhancing the supply chain and securing customer satisfaction through transparency.


For The Companies

As a digital ledger, blockchain can be used by the pharmaceutical industries to manage the supply chain of innumerable amounts of drugs. The complex process can be reduced and traced to a single software that distributes information about the supply chain in a safe environment, including the manufacturing process, sourcing the drug, tracking quality and delivery efficiency. This results in the reduction of counterfeit drugs. Blockchain also stimulates the authenticity of drugs by enabling a decentralized blockchain. Enlisting it provides an effective verification of drugs through package serial numbers on the blockchain, thereby proving its authenticity from anywhere.

For The People

Blockchain addresses the concerns people face with the privacy of their clinical trials, the transparency of reports, and more. A study encapsulates blockchain retaining privacy along with secure, decentralization of data. Such a system of data privacy enables more people to partake in clinical trials without compromising their personal medical information. Blockchain produces medical data at any time, making it effortless for people to track it and diminishes a multi-source of the same. This facilitates a hassle-free tracing for the medical professionals and patients to locate their medicine consumption history and establish a trusting relationship with the pharmaceutical industry.

Although NFTs often spark a debate about their environmental credibility, the variations in NFT production and its reduced energy consumption prove their environmental sustainability in the coming years. It will be interesting to see how NFTs and blockchain revolutionize not only the pharmaceutical world but also the world in its entirety.

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Naveen Joshi

Tech Expert

Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.

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