Enterprise blockchain applications put an end to counterfeit drugs

The consequences of counterfeit drugs

The World Health Organization estimates that the total value of counterfeit drugs traded annually is up to 73 billion Euros (79.26 billion USD), causing great damage not only to human health but also to the business of pharmaceutical companies, as well as the economy.

Difficulties in preventing counterfeit drugs:

  • Counterfeit drugs can come from all over the world and only be discovered once they reach the market. It is difficult to investigate the original manufacturing locations.
  • Profits from the counterfeit drug business can leave people in spite of the consequences:
  • Meanwhile, it is difficult to detect counterfeit products because not everyone has enough professional knowledge to evaluate and distinguish real/counterfeit drugs. The management and testing of medicinal products still depend completely on the authorities and people with professional qualifications, and the sanction level is still modest.
  • A large number of secondary distributors in the pharmaceutical supply chain interfering with the monitoring, inspection and handling of mistakes is ideal for putting counterfeit drugs into the market.

Blockchain pharmaceutical tracking solution

Blockchain-based solutions are being developed by many pharmaceutical companies in collaboration with technology companies to track their pharmaceutical products in terms of quantity, quality, and location. Besides, they hope this solution will also protect the health of users and their brands and help initiate product recalls easily when needed.

About akaChain

akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.

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Akachain.io

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The Permissioned Business Blockchain for Enterprises