Pharma and Blockchain: Are They the Perfect Combination?

The pharmaceutical industry is set to witness significant changes due to the rapid advancement of blockchain technology. Does your company have the necessary pharmaceutical training to understand the impact of these changes?

Blockchain technology has the ability to assist pharmaceutical companies in improving their supply chain management, auditing, and compliance.

Blockchain technology may soon replace the Electronic Data Interchange (EDI) system that is now being used to track drugs throughout the United States. The technology allows the industry to access a decentralized network that can share real-time information and will be a major upgrade to the EDI system that is expensive and has been under fire for being too easily breached.

This new blockchain-based network will meet the changing Drug Supply Chain Security Act (DGSA) regulations that will be fully implemented by 2023. These new regulations require the pharma industry to build an electronic system for identifying and tracking all prescription drugs throughout the entire United States.

The Healthcare Distribution Alliance (HDA) began creating the blockchain network two years ago to meet the changing regulations and is slowly implementing it across the industry today. In 2023, this new network will have a “Look Up Directory” with a permission-based system that lets companies securely access and respond to requests.

This latest Blockchain technology eliminates having wholesalers manage large volumes of product lists and addresses to limit errors. It has the potential to actually save money for all parties in the supply chain.

While implementation will take time, proactive companies are already seeking the necessary pharmaceutical training to get their key stakeholders up to speed.Looking for Blockchain Pharmaceutical Training? We Can Help

The Center for Professional Innovation and Education works with leading companies in the pharmaceutical, biotech, and medical device industries.

We recommend you enroll in our Advanced Blockchain Concepts in Healthcare (ABCH) pharmaceutical training course. This course is designed to educate your employees on the nuances of blockchain technology. It’s a two-day course that will specifically cover the effects of blockchain technology on clinical trials, patient experience, providers, payors, and health systems.

Register for this pharmaceutical training course to learn about how Blockchain technology will impact the industry in the coming years.