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Blockchain Your Supply Chain: Advantages for Pharmaceutical and Logistics Executives

Blockchain Your Supply Chain: Advantages for Pharmaceutical and Logistics Executives

Posted on 06 Jul 2021

The outbreak of the COVID-19 pandemic is having an unprecedented impact on global supply chains across all industries, and the pharmaceutical industry is not an exception. A global US$1.25 trillion industry, it has been severely affected by the pandemic from different facets. Excessive demand for drugs and vaccines, shortage in raw material supplies, including APIs (Active Pharmaceutical Ingredient) impacting drug manufacturing, and delays in delivering pharmaceutical products affecting patient treatment are some of the problems that became evident globally. Though the vulnerabilities in pharmaceutical supply chains gained increased attention during the pandemic, the issues related to demand and supply management and logistics operations have been persistent for a long time. Building a more resilient supply chain by promoting end-to-end supply chain transparency, fostering trust amongst supply chain partners, providing accurate and on-time medical information to consumers, enhancing product integrity, and improving the accuracy in document and invoice processing are still the real challenges faced by executives of both pharmaceutical and logistics industries.

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