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Pharma to lead blockchain adoption in supply chain

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The pandemic has accelerated the digital transformation in the healthcare industry, from telemedicine to e-pharmacy, from Electronic Health Records (EHRs) to digital therapeutics, from apps to Artificial Intelligence (AI) in scanning and other tests. The pharma and healthcare will continue to lead the integration of new-age technologies like Internet of Things (IoT), AI, machine learning and blockchain in the coming years too, at a much higher pace.

However, what can be the imminent revolution that will accelerate the adoption of blockchain technology in the pharma supply chain that will change for the better soon? According to a study by Brandessence Market Research, the value of blockchain technology in the healthcare market will be nearly $513.1 million by 2028, growing at a CAGR of 50.6 per cent from 2021.

India has so far made a few half-hearted attempts to implement a foolproof track-and-trace system in the pharma value chain, despite mounting cases of spurious or substandard drugs denting its image as the pharmacy of the world. According to the…

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