Implementation of Blockchain Technology in the Supply Chain Management of Pharmaceutical Industry: Bangladesh Perspective

Abstract

Purpose: In the pharmaceutical industry, a disrupted supply chain directly impacts patient health & safety results. Blockchain technologies can help improve the drug supply chain's privacy, reliability, data authenticity, and effectiveness. In this research paper, we have examined the prospects of employing blockchain technology in the supply chain management of the pharmaceutical industry in Bangladesh to detect counterfeit and low-quality pharmaceuticals. We have also discovered the mechanism of this technology's application in pharmaceutical activity.

Methodology: We have adopted a qualitative approach for our research and our data type is mainly qualitative.  We have conducted a narrative analysis by reviewing the findings of numerous related research papers, case studies, financial reports, and other sources of data to discover blockchain related solutions.

Findings: The findings illustrate blockchain-based information systems' disruptive strength and role. It reveals that traceability and transparency are two of the most important advantages of using blockchain technology in the pharmaceutical sector. Based on our findings, we have proposed a Blockchain Enabled Pharma Supply Chain.

Practical Implication: Data security is provided via encrypted data stored on a blockchain which is accessible only with a private key. Every transaction that has been approved is encrypted and linked to the preceding one. Rather than using a single server, data is stored over a network of computers. For which, hackers will have a hard time breaking into the system.