Blockchain technology, via VeChain, teams up with the World Health Organization in the battle against phony pharmaceuticals.
In the fight against counterfeit drugs, transparency and trust are crucial. Health authorities and international organizations can now act with greater precision to protect the population, thanks to the adoption of blockchain solutions like VeChain.
VeChain's platform enables international organizations like the World Health Organization (WHO) to collaborate with private companies, sharing reliable data and accelerating the identification of supply chain irregularities. One area where VeChain has made a significant impact is in the pharmaceutical industry.
Counterfeit drugs can lead to serious health consequences, and in low- and middle-income countries, one in ten medicines is fake or of poor quality, leading to over 100,000 annual deaths and economic losses. VeChain's blockchain technology provides a robust and transparent infrastructure to combat drug counterfeiting.
Each batch of drugs can be registered on the blockchain, providing an auditable history from manufacturing to delivery. This means that any attempt to alter information is immediately detected, preventing manipulations and counterfeiting. The immutability of data in VeChain's blockchain ensures that once registered, the product's history cannot be altered or manipulated.
VeChain's blockchain technology offers total transparency, allowing any actor in the chain to verify the authenticity and status of a drug in real-time. This is made possible through the integration of IoT sensors that record critical conditions such as temperature and humidity during the cold chain.
An example of VeChain's impact is its implementation in China for vaccine tracking, where unsafe batches were detected and removed in time. By ensuring only authentic and optimal condition medications reach consumers, the risk of ineffective or harmful treatments is reduced.
In addition, VeChain's blockchain platform offers product traceability for the pharmaceutical industry, using unique and immutable QR codes. This feature allows for easy identification and tracking of pharmaceutical products, further enhancing the transparency and traceability of the supply chain.
Moreover, VeChain has forged partnerships with pharmaceutical companies and supply chain logistics providers to implement its blockchain solution, ensuring broader adoption and effective deployment against counterfeiting risks. Through smart contracts, VeChain automates compliance and verification processes, reducing human error and increasing the reliability of supply chain data.
Overall, VeChain’s blockchain creates a secure, reliable, and user-accessible system that verifies pharmaceuticals from manufacture to delivery, significantly reducing the risk of drug counterfeiting and enhancing public safety. By acting together with international organizations and private companies, VeChain is driving the fight against fake drugs in the pharmaceutical supply chain.
- The integration of VeChain's blockchain technology in the pharmaceutical industry has made significant strides in ensuring product safety and combating counterfeit drugs, especially in low- and middle-income countries where one in ten medicines is fake or substandard, leading to over 100,000 annual deaths and economic losses.
- Each batch of drugs on VeChain's platform is registered with an auditable history, from manufacturing to delivery, ensuring that any attempt to alter information is immediately detected, preventing manipulations and counterfeiting.
- By offering total transparency and real-time verification of a drug's authenticity and status through IoT sensors, VeChain's blockchain technology helps minimize the risk of ineffective or harmful treatments and promotes health and wellness.
- VeChain's partnerships with pharmaceutical companies and supply chain logistics providers enable the automation of compliance and verification processes through smart contracts, increasing the reliability of supply chain data and driving broader adoption against counterfeiting risks in the pharmaceutical industry, as well as in finance and investing, data and cloud computing, and technology sectors.
