Blockchain

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Context

The cost of healthcare is rising yearly due to high demands on health prevention and diagnosis, unmet patient needs, an increase of an older population, costs of new drug development, an increase in chronic diseases and other factors.

The pharmaceutical and healthcare industries are complex. These industries need the cooperation of multiple stakeholders to comply with highly regulated environments that ultimately seek to ensure patients’ safety. All aspects of the production of new medicines including, among other things, clinical trials, manufacturing and distribution, have strict regulatory and ethical guidelines to which both industries must adhere to. The complexity and the lack of transparency, coordination and trust are big challenges in this context. This is where blockchain could provide solutions by reducing the costs of healthcare, drug development processes, and time of delivery of the drugs to patients with unmet needs. The PharmaLedger consortium will drive early adoption of disruptive blockchain-based digitisation technology, with key industry participants joining forces to build a comprehensive solution for improving the quality of healthcare. The pharmaceutical industry has come together in the PharmaLedger consortium in order to explore blockchain technology’s application to these real-world challenges. Specifically, supply chain, health data exchange in the marketplace and clinical trials.

What is it

Blockchain, or Distributed Ledger Technology (DLT), is the key technical concept behind PharmaLedger. DLT is a method of building a network where trust, transparency, immutability and privacy can be ensured while data control remains decentralised.

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