Breaking Down Blockchain’s Big Potential in the Pharma and Life Sciences sector
The pharmaceutical industry is riddled with an array of challenges related to data accuracy, adhering to regulatory requirements, clinical research quality, supply of counterfeit drugs, and many of which leads back to a lack of transparency in the complex supply chain.
Globally, pharma companies spend about 6% of their revenue on logistics and lose nearly $200 billion per year to counterfeit drugs. According to Statista, in 2020, around 1,579 counterfeiting incidents were reported in North America, alone. In such aspects, end goal for any pharma company would be creating end-to-end visibility in supply chain management and maintaining drug traceability and integrity, which is currently accelerated by the mandatory compliance of the Drug Supply Chain Security Act (DSCSA).
Most of the industries are turning toward Blockchain for its multi-use and multi-purpose traits. By providing transparency and enabling trust, blockchain technology offers higher security, which, if adopted right, can make a significant difference to the whole underlying processes the supply chain involves. Spearheading the session, Raj Srinivasaraghavan, Chief Technology Officer at Blockedge Technologies and Marshall Brickeen, Global Lead at Amazon Web Services (AWS), will elaborate on the critical aspects of technology adoption challenges and effective solutions for the Pharma and Life Sciences Sector. Below is a brief overview of this webinar’s agenda:
- Blockchain initiatives that are currently underway in Pharma & LS vertical
- DSCSA and Track & Trace
- Challenges industries and enterprises face when building and managing global blockchain networks
- Acceleration of blockchain adoption in Pharma and LS
Taking technology to people through storytelling with a focus on Internal Communications, Employer Branding, Media Relations and External Communications.