Untangling the traceability for quality issues in generic pharmaceutical drugs
Pharma happens to be one of the most regulated industries as also the one with a significant scope for deriving high margins.
It has been a trend over the last few decades to leverage low cost manufacturing locations in order to reap super-normal profits for all including Big and mid-sized Pharma companies. This has however been fraught with risk as contract manufacturers or even owned manufacturing companies are unable to cope up with the stringent requirements on documentation for quality assurance.
Can Blockchain coupled with IoT help ascertain manufacturing conditions and quality parameters for pharma manufacturing?
This is already happening in many companies and explored by virtually every pharma company. The chain of custody that Blockchain applications enable will free manufacturing and shipping to be from anywhere. We are a few years away from these applications being solid and secure enough to make this happen though.