Blockchain and Big Pharma: How they Work Together
One might not think much about how big pharma might be involved with the blockchain system, but it could prove to be a boon to both large corporate pharmaceutical companies and patients.
Blockchain technology has only recently come out into the public spotlight with cryptocurrencies such as Bitcoin out and about, now publically traded. Ledger distribution is actually the reason that blockchain technology was created.
Blockchain in Industry
Various industries are taking on blockchain methods for ledger distribution from company to company and for all parties deemed worthy of access. The way all of the records work is through an access chain, with only certain users allowed to add to or change the code.
This is a method that is also working in the pharmaceutical industry. When considering the many aspects of research, testing, drug manufacture, safety regulations, labeling, legal fees, and distribution, it is easy to see how complex the ledgers can be.
Good accounting software only goes so far. At the same time, blockchain technology is streamlining data to a finer stream, losses such as lawsuits will require extensive records.
Big Pharma is quite often sued for the creation of one drug or another. The fact of the matter is that many drugs are either released from trials too early or the data has been tampered with. Blockchain coding prevents any tampering with the original code.
At the same time, there are drugs created which have harmed people and the possibility of a cover-up is palpable. Legal sources can work against the pharmaceutical company and attain restitution for those who were harmed by the drug.
Such lawsuits against big pharmaceuticals are so common that these companies are beginning to investigate the use of blockchain technology and resources to make sure all transactions, production, safety standards, and control of studies are impeccably followed.
Lawsuits against medications are common in this world, with the push for treatments and the emerging diseases we must deal with. Many of these lawsuits involve the safety of patients both for their sake and the sake of the treating physicians who may not have been informed of the side-effect(s) in question.
The main idea of using a blockchain system is not only to streamline operations and reduce costs it is also to make sure that patients are safer in the long run. All information will be tied together so fewer errors will be made. This is part of how blockchain coding can come in to help.
Considering the fact that there are a number of people out there who are definitely getting harmed by some of these drugs, there needs to be a better system in place for handling costs, testing, and proper distribution. It looks like blockchain is going to offer this.
With all of this in mind, there are some implications to be aware of. Presently, without the perfect system in place, there are still some troubles with drug development and testing. This invariably raises the cost of the drug and thus narrows the treatment scope for the public.
When everyone suffers, public suspicions regarding a particular part of large pharmaceutical companies will rise to a boiling point. At that stage, it is almost impossible to tell who the individuals are that actually were harmed.
Blockchain along with big pharma should eliminate such difficulties by putting all history in order while perfectly maintaining the resources for all tasks of the pharmaceutical company.
When this works, the implications are astonishing. Pharmaceutical companies will function better and so will the rest of the medical profession as a result. Treatment testing can become more comprehensive without cutting corners.
DLT and Blockchain
With Distributed Ledger Technology (DLT), there is presently an ideal ledger balance system that is established. Interestingly, blockchain was the very first and the root of the DLT systems and all progressed from there.
Now, DLT and blockchain have some distinct differences and knowing those difference has a big influence on full understanding. The point is now to merge the best of blockchain, in a manner of speaking, with the best of DLT, as advancements relate.
With time, we shall see the results. Meanwhile, watch the trends and read the news. Staying apprised of blockchain advances is wise for any business, but particularly for larger industries.