How Smart Wallets and Blockchain could re-shape the pharmaceutical industry…
Drugs can be copied and some use rat poison or substandard compound’s. In the developing world, generics are sought on the black market, but are they the real thing? Many consumers of over the counter drugs self-medicate and there are no records of this usage. This is clearly a massive issue and we have a system that allows the product to be validated as well as the user.
A way to validate pharmaceutical usage and production:
A digital wallet, with Blockchain technology at its core, can solve the issues around fake drugs, in the third world and also over-prescription in the first world.
To make sure drugs are validated a one-time hash can be produced at the point of prescription. The hash produced can be attributed to both the drugs and the user of the medication. The wallet can then keep track of the usage of the drugs to prevent over-consumption by the user and over prescription by the subscriber.
Blockchain technology can also be used to track the efficacy of ingredients and, potentially, prevent the fake drugs phenomenon, which is a particular problem in the developing world. The Blockchain will ensure that only the best drugs or packing agents are in use. Contamination is very common in this process, which leads to withdrawal of the drugs after release to the market. The Smart Wallet could also communicate product withdrawal if a drug is withdrawn from the market.
The potential use cases of Blockchain and Smart Wallets in pharmaceuticals are limitless from stock rotation to expiry dates and could be used by consumers, producers and pharmacists alike.
The project is ongoing but we need a global approval of wallets rather than drugs manufacturers. We have established a number of working prototypes, however, the user-based adoption is key. The developing world, we believe will the key beneficiary of this technology due to the prevalence and adoption of mobile technology.