The use of block chains in the pharmaceutical industry still takes time

nnnRacking Comments: Block chain as the bottom of the digital currency technology has been applied to many industries, especially in the financial and insurance industry, to ensure the safety of data and to trace the source. But supporters of the technology now believe that it can solve many of the problems in the pharmaceutical industry’s supply chain and the broader issues that exist in the healthcare industry. A meeting on June 6 at Johns Hopkins University in Maryland focused on the block chain and its potential in the pharmaceutical and medical industries. The meeting concluded that there is no doubt that the block chain has the potential, but it will take time to implement the application in the pharmaceutical industry.n
nnTranslation: Clovern
nDigital classification book technology (DLT), or can be called “block chain”, is the digital currency of the bottom of the digital currency classification system. The technology is currently being used in a number of industries – including finance and insurance, to ensure safety and traceability. But supporters believe that this technology can solve the pharmaceutical industry supply chain in the many problems, as well as the health care industry in the broader issues (such as patient sensitive data and clinical information security transmission).n
nBlock chain technology can not only be used to determine the authenticity of a given drug, but also to ensure that patients do the prescribed medication prescribed the measurement of drugs. This is also important for assessing the patient’s efficacy, which in turn helps to determine health insurance reimbursement and pay for pharmaceutical companies in value contracts.n
nAs the technology gets more and more in the pharmaceutical industry, the industry is also exploring some of the potential applications of the technology. A survey of 120 life sciences executives in June found that 83 percent thought the technology would be adopted in five years.n
nOn June 6, 2017, a meeting was held at the Johns Hopkins University in Maryland to explore the chain of chains and its potential in the pharmaceutical and medical applications. The conference was organized by the Institute of Electrical and Electronics Engineers, and the speakers included representatives from biopharmaceutical companies, industry consortia, academia, suppliers and senior consultants.n
nAmish supply chain senior manager Ashish Srivastava and David Mahlum, the company’s new innovator and technical director, asked the question: Is the block chain a day-to-day or just right for the pharmaceutical industry? And then opened the theme of the meeting. But the consensus reached in the meeting is that the technology is extremely promising, but it may take ten years to actually implement it in the pharmaceutical and life sciences.n
nThey pointed out that the main purpose of the birth of this technology is to prevent hackers, as well as the transaction can be audited and track the fact that the block chain is indeed the ability to build trust. They also pointed out that this technology can improve cooperation with business partners and suppliers, and improve the visibility of inventory. They think this is a “bottom-level technology”, but with other similar technologies (especially the Internet took two decades to develop until now widely used as a medium), this technology also takes time to build, and Is still in its early stages. With the Gartner Hype Cycle, they argue that block chains are increasingly close to the “high expectations” peak in the pharmaceutical industry, so it may take five to ten years to become an underestimated force. As they say, “the TCP / IP of the block chain is yet to come, compared to the evolution of the Internet.”n
nChain Business Insights co-founder Ken Cottrell discusses the “smart contract” invented in the 1990s, mainly on the chain of chains on the provisions of the terms of the agreement and the implementation of the software, and can reduce costs and help both parties from the agreement Fraud, while providing a stronger Internet of things relevance.n
nIBM and its Chinese partners have also launched a chain-based chain of hospitals and pharmaceutical retailers to provide financial services for drug purchases. The solution is designed to speed up the payment process. Chinese companies can wait for payment after the product is shipped, otherwise the buyer will be unable to get the product due to credit problems.n
nAt the meeting, Cottrell elaborated on a case study in the use of block chains and smart contracts between the two banks and the shipper handling the cotton shipment to China. He said that this setting involved block chains, smart contracts and Internet of Things sensors, and validated the concept of other transactions.n
nWhile other guests at the meeting explored the specific applications that are being discussed in the healthcare industry and in the pharmaceutical industry supply chain.n
nParticipants said industry professionals would learn more about the technology and stay in touch with other groups that focus on the chain chain industry to learn more about whether the day-to-day operations of the industry could, or how, benefit from the technology The The Chicago Supply Chain Research Center is currently working on this research, focusing on how block chains are adapted to drug supply chain management, traceability, and compliance with the US Drug Supply Chain Safety Act.n

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