4 Key Use Cases Where Pharma is Leveraging the Blockchain with BlockRx Pilot Program.
As iSolve has continued their persistent efforts to support Global Pharma with their initiatives for Drug Supply Chain, some very interesting Use Cases have been identified. For starters, when we mention Pharma and the Drug Supply Chain we are now actually speaking about a few different things. Big Pharma are not the only participants in the Drug Supply Chain, obviously. So when mention Pharma, what we are actually referring to is all internal and external participants of the Drug Supply Chain (Wholesalers, Retailers, Packaging, R&D, Medical Equipment, etc.…). Which brings me to my second point of when we refer to the Drug Supply Chain we are actually referring to Internal and External Supply Chains. And due to the nature of the participants, we are not only discussing the Drug Supply Chain, but we are also including the Clinical and Pharmaceutical Supply Chain. That’s a lot of chains! The reason being is that these supply chains are made of thousands of micro chains, all of which could potentially have a Use Case for the Blockchain and ADLT™ (Advanced Digital Ledger Technology™). But now that we have been able to work with so many of these companies, we have now been able to identify our top 4 Use Cases for Pharma and the Blockchain:
Inventory Management – In addition to serialized track/trace for the external supply chain and sharing of information from centralized data resources from equipment to other biopharma systems, manufacturers require a secure digital ledger from specific wholesalers to provide greater visibility into inventory demand thus enabling the manufacturer to manage their inventory levels for a shorter hold period. This solution must work in conjunction and interface with the current inventory management systems for both manufacturer and wholesaler.
Regulatory Submission – As part of an initiative to enhance the current processes and implement an electronic interoperable system for Marketing Authorization Submissions/Updates to global regulatory authorities that currently only receive paper submissions, the manufacturer requires a digital ledger to manage all required documentation and correspondence which must be made available to select business units/participants providing additional data requirements for compliance.
Data Management for 3rd Party Service Providers – In response to the demand for client data, the current use of a centralized infrastructure has become an architecture the supplier doesn’t perceive as a scalable solution. Suppliers are looking to a decentralized digital ledger to help extend the current infrastructure while increasing security for valued participants. The decentralized ledger will also support the initiative to monetize data as this has been a non-commercialized asset for the supplier.
Clinical Trial Management – There are a variety of Use Cases within each of the 4 phases of clinical trials; however, 2 specific areas have been identified: Supply Chain Large Molecules – more and more companies are working with large molecules and compounds with various points of origin. An immutable digital ledger is required to identify the point of origin as validation as information, testing and data is passed through various stages and departments within Pharma and the CRO’s. Phase 3 Documentation and Clinical Kit Management – When companies are conducting global studies data is collected and distributed in several centers, labs and countries. Managing the final version and completeness of data and the distribution, status and returns of the Clinical Kits requires a secure immutable ledger that is decentralized.
So there you have it! Ask me next month and the information may change; however, this has been the core focus of iSolve and the BlockRx Pilot Program. If you would like more information about iSolve, the BlockRx Pilot Program or Blockchain Use Case for Pharma, contact us at email@example.com or firstname.lastname@example.org. Thanks.
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