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Blockchain Will Revolutionize The Pharmaceutical Industry
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Pharmaceuticals are a $466 billion industry in the United States, according to Statista. However, concerns about privacy and transparency in clinical trials have the potential to impede the future of drug development and increase costs. Emerging technologies like blockchain should be explored to overcome these privacy concerns.
Blockchain will greatly modernize the pharmaceutical industry, and I believe it will become the best way to handle certain initiatives that relate to transparency, privacy and traceability.
At its very core, blockchain is a distributed ledger system with verifiable transactions. Through every subsequent transaction, the ledger is encrypted and verifiable throughout the chain. If there is a ledger with 100 transactions, for instance, each transaction is verifiable through its previous and subsequent transaction. In short, blockchain can provide anonymity and trust to verify and audit any activity.
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Transparency Is Blockchain’s Future In Pharma
Patients want accurate results, and they want to know what they have done is helpful for future research. Using blockchain can make up-to-the-minute data available at any moment for all stakeholders.
Creating a greater sense of trust through blockchain and ensuring patients are safer will go far in creating a better relationship between pharmaceutical companies and the public. Additionally, product recalls will allow medicines to be returned much more efficiently through the supply chain than ever before. https://www.forbes.com/sites/forbestechcouncil/people/mohamadzahreddine/