Now you can use blockchain technology to track and trace pharmaceuticals!

track and trace medicine, In this world full of counterfeit products, medicines are the top product that gets counterfeited. According to WHO, drug counterfeiting has become a business worth $200 billion. These counterfeiters have no concern for the health of the patients. Counterfeit pharmaceuticals have become a global concern at this point. Do you find it difficult to track your pharmaceuticals? Then you need to invest in a track and trace system. A track and trace system is a way to optimize the supply chain and track the packages throughout the chain. 

What is a track and trace system in pharmaceuticals? 

If we go into the basics, track means finding the location of an object such as a medicine. Trace on the other hand means the act of finding the locations where the item has come in contact. In pharmaceuticals, a track and trace system needs to be implied so that you can keep an eye on products in each step of the supply chain. 

A track and trace system in pharmaceuticals means getting real-time details about where the product exactly is. It starts from the begging stage of the manufacturing i.e., from the raw materials. It begins from tracking the ingredients of the medicines to the development of the final product to the delivery of the final product. It is a way of managing the supply chain. The first step to the track and trace system is serialization. In serialization, every product is given a unique serial number. A track and trace system utilizes these serial numbers to track and trace your products and provide an end-to-end tracking feature. 

What are the benefits of a track and trace system in pharmaceuticals? 

Tracking lets you keep a close tab on every item of the supply chain. This is quite useful for manufacturers as they get raw data about the products such as the location and time. Thus, it gives real-time details of the pharmaceuticals directly to the manufacturers. The benefits of this track and trace Medicine include: 

  • Optimizing the manufacturing process 
  • Protection against thefts and fraud 
  • Product Safety 
  • Stability of the raw materials and the product 
  • Prevention of counterfeiting and adulteration 
  • Block expired and damaged medicines to reach the customers 

The other benefits are related to the delivery of pharmaceuticals to the customers. These benefits are: 

  • Better order tracking 
  • Quick return scheduling 
  • Efficient return and delivery of orders 
  • Management of product recalls 
  • Brand protection 
  • Customer’s trust-building 

All these benefits make it necessary to invest in a track and trace system in pharmaceuticals.   

Blockchain technology for track and trace 

Track and trace of every object rely heavily on technology. Most commonly QR codes and bar codes are used for authentication, but by using blockchain technology the security of the supply chain gets increased. With blockchain technology, the safety of the medicine gets increased and there is a reduction in the mixing of counterfeit medicines. This system helps the manufacturers to get real-time details of the products all by a simple scan of the QR code. As a result, pharmaceutical costs will also get reduced. This will also reduce the work of the quality control team as the items are getting tracked from the very first stage of the supply chain, i.e. from the raw material stage. It will also increase the trust of the customer in your product. Most importantly, it will ensure the authenticity of the medicine to the customer. So the benefits of blockchain technology include better transportation of medicines, transparency of data, and quality control. 

MedSure is a drug anti-counterfeit by medGrids powered by blockchain technology. This is an NFT-based solution in which QR codes are used for serialization. With business intelligence, we promise you an efficient end-to-end tracking of pharmaceuticals. The features of MedSure are as follows: 

  • QR code made to be scanned at every stage of the supply chain 
  • real-time details such as date, time, and location of the medicines
  • Cost saving on litigation costs and dealer incentives
  • Provides inventory management with the track and trace solution
  • Transparency of data for gathering insights and demand prediction
  • Anticounterfeit and anti-hoarding of medicines 

Final Note: 

Counterfeit pharmaceuticals have become a global concern at this point. A track and trace system in pharmaceuticals means getting real-time details at every stage. The benefits of this track and trace medicine include optimizing the manufacturing process, protection against thefts and fraud, Product Safety, Stability of the raw materials and the product, and Prevention of counterfeiting and adulteration. With blockchain technology, the safety of the medicine gets increased and there is a reduction in the mixing of counterfeit medicines. MedSure is a drug anti-counterfeit NFT-based solution by medGrids. With this, you get efficient end-to-end tracking of pharmaceuticals.