Article -> Article Details
Title | Blockchain in pharmaceutical supply chain management Market Future Plans |
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Category | Fitness Health --> News & Media |
Meta Keywords | Blockchain in pharmaceutical supply chain management Market |
Owner | Adhira |
Description | |
Blockchain in pharmaceutical supply chain management
market industry is projected to grow from USD 0.98 Billion in 2023 to USD 5.15
Billion by 2032, showing a compound annual growth rate of 23.0% from 2023 to
2032. The blockchain in pharmaceutical
supply chain management market continues to
witness robust growth driven by the pressing need for transparency, security,
and efficiency in drug distribution. Blockchain technology offers immutable
ledgers, ensuring tamper-proof records of transactions and product movements,
bolstering trust among stakeholders. Enhanced traceability enables rapid
identification and mitigation of counterfeit drugs, reducing risks to patient
safety. Moreover, regulatory mandates for serialization and track-and-trace
solutions further propel market expansion. Collaborations between
pharmaceutical giants and blockchain developers foster innovation in supply
chain integrity. With increasing adoption, blockchain emerges as a cornerstone
technology reshaping the pharmaceutical supply chain landscape, promising
enhanced accountability and streamlined operations. In the realm of pharmaceutical supply
chain management, Blockchain integration has emerged as a transformative
solution, revolutionizing the way pharmaceutical logistics are handled.
Blockchain technology offers unparalleled transparency, security, and traceability
throughout the entire supply chain, addressing critical issues such as
counterfeit drugs, theft, and inefficiencies. By implementing Blockchain integration,
pharmaceutical companies can establish an immutable ledger of transactions,
securely recording every step of the supply chain process from manufacturing to
distribution. Each transaction, including production, packaging,
transportation, and delivery, is cryptographically linked, ensuring data
integrity and authenticity. The utilization of Blockchain in pharmaceutical
logistics enhances visibility and accountability,
enabling stakeholders to track and verify the authenticity of drugs in
real-time. This level of transparency not only minimizes the risk of
counterfeit products entering the supply chain but also expedites the identification
and recall of potentially harmful drugs. Furthermore, Blockchain technology
streamlines regulatory compliance by providing auditable records and
documentation of each transaction, simplifying the verification process for
regulatory authorities. As the pharmaceutical industry continues
to prioritize patient safety and regulatory compliance, the adoption of
Blockchain integration in supply chain management is poised to become
increasingly prevalent. Companies that embrace this innovative technology will
not only safeguard their reputation but also ensure the integrity and safety of
the products they deliver to consumers. Segmentation The global blockchain in pharmaceutical supply chain
management market is segmented on the basis of application, end user, and region. On the basis of application, the global blockchain in
pharmaceutical supply chain management market is segmented into product traceability, risk and compliance management,
payment & settlement, others. The market by end user is segmented
into manufacturers, distributors, healthcare providers. On the bases of region, the global blockchain in pharmaceutical
supply chain management market is segmented into the Americas, Europe, Asia-Pacific,
and the Middle East & Africa. The Americas is expected to hold the largest
market share and the Middle East & Africa with a low market share during
the forecasted period. Key Players The global blockchain in pharmaceutical supply chain
management companies are IBM, Microsoft, SAP SE, Oracle, Tibco Software, Auxesis
Group, Omnichain, Vechain Foundation, Chainvine, Applied Blockchain, AWS,
Huawei, Guardtime, BTL Group, Bitfury, Digital Treasury Corporation,
Blockverify, Nodalblock, Peer Ledger and others. Regional Analysis The healthcare sector and its supporting IT infrastructure are
going through dramatic changes, all of which impact the claims management
process and lead to improving the technology. Many healthcare organizations use
robotic process automation, intelligent EDI integration, insurance discovery,
and patient solutions all within their workflow platform to dramatically
enhance the overall process. The adoption of various software has increased
profits. Infrastructure and technology are continuously evolving in
developing regions such as Asia-Pacific. A number of different multinational
and local companies are involved in developing their markets in this region
owing to the developing economy and increasing government support. An
increasing number of healthcare companies have provided a good opportunity for
the development of the blockchain in pharmaceutical supply chain management
market. Furthermore, in the United States, the Drugs Quality and Safety
Act (DQSA) was promoted by Congress on November 27, 2013. This outlines the
steps to be taken to develop an interoperable electronic supply chain
management system. This will strengthen the FDA's capability to protect
consumers from exposure to drugs that could be fake or from the black market. Related Reports: Clinical
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