The pandemic has proven the medical industry to be a line of defence in any country. While the medical industry is growing what with new technology and research, persisting problems and risk remain or find ways to come back. During the pandemic, we saw a rise in fake/counterfeit medicines circulating that endanger patient safety. Vital raw materials are being imitated and sold to pharma manufacturers to create medicines. As a result, there is an urgent need for implementing product traceability so that complete information about the make of the product is at our disposal. Governments across countries are enforcing traceability on vulnerable products to maintain high quality and ensure patient safety. Inefficiencies in production chain leaves gaps for fake and counterfeits to enter medicine circulation, damages brand identity and negatively impacts consumer behaviour.  Whether its pharma or healthcare in the medical industry, having a strong backbone will help us tackle future disasters and problem. 

To make sure the need to implement a process that monitors product assembly and eliminates fake products is met, businesses and companies are rapidly scouring the market for one stop solution that encompasses track and trace feature. The purpose of this feature is the ability to trace back where the product comes from, record the transitions, keep an eye on the quality of raw materials and compliance of certified development process. In today’s modern age, supplier and consumer can be based anywhere in the world. It is pertinent to make sure the consumer gets authentic product and the supplier has an end to end view of its supply chain. 

Blockchain enabled traceability solutions can easily identify the whereabouts of the product and records it in a manner that is immutable. It is a distributed and interconnected ledger technology in a shared network that records and maintains every single information about the product – from its sourcing of raw materials to customer delivery. Because blockchain is decentralized, open and cryptographic, it’s quite transparent and trusted among the different participants of the production chain. It also eliminates the need for intermediaries mainly because of smart contracts. Smart contract automates the execution of an agreement decided upon by concerned parties that is programmed in to the logic of the contract, thus reducing costs and allowing seamless coordination between partners. All of these features make blockchain supported traceability solutions more cost – effective and manufacturing efficient while also giving the best safety and security. 

Benefits: 

• Product safety by tracking:  
  A detailed view about the sourcing of materials, quality of materials, the conditions in which the product is made and assembled, storage of the product and delivery – all of this can be tracked and traced back to. Blockchain in the medical industry will aide participants to get transparent end-to-end data about the product that is relevant and trustworthy.
• Independence from fake products: 
  Since the entire chain of supply and production becomes transparent with blockchain, the chances of counterfeit or fake product being injected into the circulation or supply chain becomes rather slim. Thus, low quality products won’t find their way into the market. 
• Scalability: 
  It is important to be able to meet medicine demands as and when they arise. Being able to predict and make sure the products are in stockpile, requires operations to adjust and merge accordingly with proper coordination.
• Enhanced efficiency in supply chain:
  Since all participants have data and real time information about the product’s whereabout, they can make prompt decisions should an unforeseen situation unfold and coordinate easily with other participants to make sure it doesn’t affect the other phases in the supply chain. All of this makes supply chain easy to manage and efficient. 

To conclude introducing and implementing blockchain embedded solutions in the medical industry will solve the longstanding problems of fake products, create a more ethical market and ensure that at risk patients are given authentic medicine.  Creating trust between consumers and brand is of highest importance for companies in this industry and traceability solutions help build a solid and trustworthy brand image that consumers can come back to time and again. 

At MSRvantange, our services will help your brand name become synonymous with trust and efficiency. Our smart traceability solutions embedded with blockchain will help boost your supply chain and an easy rewards and loyalty program will make sure your consumers come back to you with satisfaction. We help companies in the medical industry increase their business value and provide with a secure and innovative platform that will support their every need.