According to a report which is conducted by World Health Organisation (WHO), 35% of the fake drugs sold all across the globe comes from India which means that an estimated most of time one of the 10 medical products circulating in low and middle-income countries like India is either “substandard or falsified”. In India too, 20% of the drugs sold in the country are fake.
India occupies the counterfeit drug market makes around Rs 4,000 crore, says the research report from WHO. This leads to implication is of highest concern not just for India but for other countries too. As many of the people medicines promote antimicrobial resistance in people, who can pass on with the mutant infection while at the time of travelling to other countries. Such bacteria or many of the virus resistant to medicine will become impossible to treat.
At the time of this, India also has a plans to eliminate all channels of counterfeit medical products, including pharmaceuticals, by transferring the hospital chain’s complete inventory to a blockchain-powered system. The technology is expected to reduce fraud and better manage quality in the production and distribution of pharmaceutical products. The government hopes to get real-time visibility into all drugs produced in and exported from the country.
A blockchain is a continuously growing list of digital records, or blocks, that are linked using cryptography.
Tying up of NITI Aayog with Apollo hospitals chain will help the hospital chain across India to bring their entire inventory on blockchain which in turn will help in reduction of counterfeit drugs as well as increase efficiencies. In addition, the government will get a bird’s eye view of all the drugs in supply and can identify and track discrepancies.
Besides tech giant like Oracle or IBM, few startups such as Chronicled, LinkLab, iSolve, LifeCrypter and BlockVerify, are also actively working to find blockchain solutions that bring transparency, traceability and integrity to the global drug supply chain.
In the month of May-June this year, TRAI which is a telecom regulator moved a proposal to utilize blockchain technology for curbing irritating telemarketing spam call. Later in last month TRAI mandated the new guidelines of implementing to all Mobile Service Providers in India.