The EntelMed Solution
The Problem
- Experts have estimated the sale of counterfeit drugs is twice the legal pharmaceutical trade rate, which is a severe issue.
- Maintaining excess inventory to try to avoid shortages brings significant costs in storing pharmaceuticals – and waste when they are not used.
- They also struggle with being able to predict where a particular drug is likely to be needed at a particular time.
- Failures or lack of visibility in the many-tiered pharmaceutical supply chain have multiple repercussions.
The EntelMed Solution
Solution to drug traceability is to create a private permissioned network to trace and track events in the pharmaceutical supply chain and provides time stamped records of each transaction performed.
Objective
End-to-End Traceability
It will enable streamlined visibility of movement and stakeholders through which drugs transit in the supply chain.
Transparency
Receiving and shipping of drugs throughout the supply chain can be traced.
Reduced Losses Related to Counterfeiting
Blockchain enables clear visualization of health products journey from manufacturing to end patients. And, it reduces the chances of frauds and the cost associated with it.
Efficient Recall Management
Blockchain allows the identifications of exact locations of medicines. Batch reminders can be carried out efficiently while maintaining increased safety of patient’s health.