Software Giant SAP Trials Blockchain Platform Tracking Counterfeit Drugs
SAP, a multinational software company, shared with public the key research project they are presently undertaking using distributed ledger technology, The Next Web reports.
Per the World Health Organization’s (WHO) official announcement in 2017, approximately 10% of pharmaceutical products being sold in low- and middle- income countries are either bogus or the quality is below par.
In the United States alone, drug vendors look at roughly $7 billion in returned medicines, which are normally offered to the public regardless of their “conditions.”
The latest ruling by the US Drug Supply Chain Security Act (DSCSA) regulation requires all wholesalers to verify returned prescription drugs before sending it back to the market for sale.
The latest software from SAP plays an important role in this process, allowing wholesalers to validate drugs sent back by hospitals and pharmacies using the blockchain-powered supply chain tracking system.
In partnership with top pharmaceutical firms such as Boehringer Ingelheim, Merck Sharp & Dohme and GlaxoSmithKline, the software was developed.
The use of blockchain to track medicines clearly demonstrates that the disruptive technology can not only improve but also save the lives of people. it can actually save lives of people.