News Mention: Finans.dk – Blockchain saves future medical supply chains

PharmaLedger was mentioned in an article published by the Danish finance news outlet Finans.dk.

The Danish financial outlet Finans.dk writes about business and economy news and has recently written the article titled “Blockchain saves future medical supply chains,” (translated to English from the original Danish title, “Blockchain redder fremtidens medicinske forsyningskæder”). PharmaLedger was mentioned in this article, which was written by Omar Hamidi, an IT architect expert and consultant at PA Consulting. The article discusses blockchain technology and the need for collaboration in order to help strengthen supply chains. 

How the Pandemic Hit Pharmaceutical Supply Chains

In March 2020, when the pandemic started around Europe, the World Health Organization (WHO) reported the shortage of personal protective equipment (PPE). Hospitals ran out of gear such as masks, clothing and anti-gene tests. This sudden global shortage in many hospitals and lack of equipment also caused a surge of counterfeit PPEs. About two-thirds of PPEs entering the Danish market were counterfeit according to the Denmark customs authorities. This shows how the pandemic has affected supply chains on a global scale, as well as the weakness with the influx of unregulated counterfeit equipment.

Blockchain Technology in Supply Chains

Blockchain technology applied to supply chains can offer features such as decentralisation, transparency and immutability (find out more about these terms in #Hashing it Out: Blockchain Terms Explained Part 1). This is especially useful in verifying the credibility of medicines and products.

In order for this to work, stakeholders in supply chains have to work together and share information without fear of losing the confidentiality of their own data. Luckily, blockchain allows different companies to cross-collaborate without sharing personal information. The blockchain network ensures increased trust, transparency and a “shared truth,” for all those involved.

PharmaLedger: Opening the Conversation

As the article continues, it highlights how the Life and Science sector often viewed sharing data with competitors as risky. Collaborating between different companies did not seem like a safe step. It is well known now that forming partnerships within the medical supply chains is crucial for long-term success, especially when it comes to using blockchain. This technology needs team players in order to also input industry standards for its use.

PharmaLedger was mentioned in the article as an example of one collaborative blockchain project. By working together with our 29 partners, we can achieve much more than just one sole company working alone. Sharing information, resources, knowledge and the risk of creating a blockchain-enabled platform makes it possible to push towards higher goals and greater strides of research results. You can read the full article below.

PharmaLedger Use Cases

One of our eight use cases is the start of tracking and tracing medical products. The electronic Product Information (ePI) use case aims to digitise product leaflets and also to place certain identifiers on products along the supply chain. These identifiers would help trace products, such as medicines or even PPEs from manufacturers all the way to end patients. All of this would be recorded on a blockchain platform to provide trusted and reliable information along the supply chain. 

Tracking and tracing finished products along supply chains is focused in our Finished Goods Traceability use case, and tackling counterfeit products is the main goal of our Anti-Counterfeiting use case

All of our eight use cases are interconnected, but it starts with the ePI use case, which you can find out more about in our next open webinar screening on the 11th of January, 2022. You’ll be able to hear about the progress and future of this use case, as well as direct feedback from patients to incorporate patients’ needs and a live ePI application demo. Make sure to register for the webinar below and feel free to add any questions during the live Q&A at the end of the presentation.

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