Prevention of counterfeit drugs and medical devices with blockchain technology.
Business Overview
Healthcare has got enormous potential for improvement worldwide. It is predicted that the USA alone will reach more than $5.5 trillion in 2025.
The World Health Organization (WHO) estimates that 8 percent of the medical devices in circulation today are counterfeit copies. Counterfeit drugs and medical devices pose a major risk to consumers, and also lost revenue for the legitimate manufacturers.
For one of our clients, we used trusted network, powered by Blockchain Hyperledger to solve the major challenges faced by them in drug supply chain due to counterfeiting. The drug supply chain network has all required entities like manufacturer, distributor, pharmacist and patient. The solution they wanted from us was expected to help ensure the complete traceability of drugs from manufacturer to consumer.
The Challenge
Healthcare is a huge and complex industry. Our major challenge was to create a Unique ID that will be assigned to the medicine and it would be registered on the blockchain.
Another challenging task was to make sure that every ID is treated as an asset on the blockchain, tamper proof platform.
In this process, another difficult task was to ensure , at each stage where the medicine changed its ownership, it gets time-stamped and recorded on the blockchain. With this feature everyone along the chain will be able to verify the source of origin but at the same time cannot alter it.
We made sure that in the case of defective drug recall, the manufacturer can view the pharmacies that received the affected drug and the pharmacies in turn can directly contact patients who had received those drugs from them.
Our Approach
We created a Certifying Authority System, i.e., a client-server system which is accountable for identity management and also supports features such as registration of user and node identities, issuance of enrolment certificates and certificate lifecycle management.
Our expert developers created a network where each new transaction is added to a block, every transaction is immutable and time-stamped to track the end-to-end chain, and ensure that the information is not modified.
All stakeholders (supply chain people, valetudinarian, regulatory authorities) can have access to this system and check the origin and integrity of healthcare products. At the same time, the implementation of smart contracts would enable the acknowledgment of receipt and dispatch of medicines and trigger the payment process initially defined and prevention of counterfeit drugs.
USP of our project:
Smart contracts
Unauthorized individuals won’t be able to execute transactions in the drug supply chain ecosystem
Unique ID creation
Not only track provenance and provide authenticity, but could also address many of the requirements from the EU and DSCSA
Identity Management
Identify the source of origin for every drug; and seek out the ingredients of every drug sold
Certifying Authority System
Detail recording of data with smart contracts
Immutable ledger
Enables end-customer (patients) can check QR code to track the origin
Transparent and effective system
More secure and transparent way to report on changes to operating conditions
About our blockchain-based solutions for pharma industry
Creation of a Unique ID that will be assigned to the medicine
To make sure every ID is treated as an asset in a blockchain
We created a “Certifying Authority System” A client-server system which is responsible for identity management.
Results – a journey from ideas to success
Transparent and effective system that save resources and track cross border transactions.
A client-server system which is accountable for identity management
Features such as registration of user and node identities
Issuance of enrolment certificates and certificate lifestyle management
Technologies we used
Ethereum
Hyperledger
Solidity
Truffle
Client Testimonials
“I must say that SoluLab's technical knowledge and project management skills have amazed me. A must-have for any blockchain project. It’s a big time saver when compared to the cost it would take to handle this manually.”
Adil Abbas
Founder, Igniter100“They have continued to give exceptional service and support throughout the development and have always worked to satisfy our diverse demands as the project has advanced. SoluLab’s White label real estate tokenization has revolutionized my investment opportunities. It's efficient, secure, and offers instant liquidity. Highly recommended!”
Scott Miller
Data Architect, Padgett Law Group“I had heard a lot about SoluLab when it comes to the blockchain, but never thought they could do wonders while integrating real estate with blockchain. I am very impressed. We were able to reach out to hundreds of past customers and solicit reviews we certainly would not have gotten otherwise ”
