Blockchain technology began its innovative life in the cryptocurrency market segment. It moved quickly to disrupt other market segments — representing many processes — who find it relevant to their security needs. And what is in greater need of chain of custody security than the drug supply chain? iSolve shows an innovative way forward for the drug supply chain using blockchain technology.
End-to-end Drug Supply Chain Solution Using Blockchain
Information about the drug supply chain posts securely to the blockchain. Blockchain technology provides a way to trace drug movement from one trusted drug supply chain partner to another. The use of blockchain technology in the drug supply chain:
- makes auditing easier and more accurate;
- makes the drug supply chain transparent for Biopharma companies who want to see the distribution patterns of their medical products;
- applies in the $800 billion global pharma market;
- integrates existing systems and processes; and
- prevents counterfeit medications from entering the supply chain.
Advanced Digital Ledger Technology (ADLT)
iSolve developed ADLT to provide security in the drug supply chain. It accomplishes this by preventing counterfeit drugs from entering the supply but beyond that it provides:
- prompt secure communications between drug supply chain partners,
- improved inventory control and management,
- improved medication recall procedures and processes, and
- global regulatory compliance.
ADLT works toward structural soundness of the drug supply chain with respect to the needs of Pharma, vendors in the supply chain — and, of course, patients.
This is iSolve’s platform (combining Blockchain technology and iSolve’s ADLT), designed to improve patient outcomes by integrating the work of life science researchers, BioPharma companies, medical device makers, medical equipment retailers, and health care providers. The BlockRX Ecosystem for BioPharma creates new revenue streams and manages costs. It changes the way BioPharma companies, health care providers and patients interact with each other. BlockRx also provides secure access to data.
The BlockRX digital tokens that support life sciences go on sale September 21st.
The Smart Marketplace
BioPharma Tech Transfer Offices and service providers can enter The Smart Marketplace to take advantage of the Smart IP, Smart Services, and Smart Investment components. They can search intellectual property (IP) postings from around the world to help them build their own supply channels or locate new technologies that help them develop their drug enterprises.
BioPharma companies can connect with investors that are a good match for them at their particular stage of development.
Tech Transfer Offices, service providers and investors who take advantage of the Smart Marketplace gain exposure to more clients, identify needs that exist in the marketplace and track the companies that need the type of expertise and special services that they can provide.
Blockchain Project Portfolio Management (BPPM)
BPPM tracks tasks/deliverables, organizes, and schedules projects that BioPharma companies enter into the Blockchain for Smart IP, Smart Investment, and Smart Services. BPPM helps identify and manage projects without burdening the BioPharma companies with more administrative tasks.
BPPM automatically posts the updated plan via an email response system as work completes.
Investors can see at what stage the BioPharma company project reached at any given point in time. Investors can also see the milestones completed as required for initial or additional funding stages.
All activities of Tech Transfer Offices, Service Providers, Investors and BioPharma companies post to the Blockchain in a portfolio. iSolve analyses and posts metrics about the activities which helps organizations when they search for possible partners.
To learn more about iSolve’s solutions to fundamentally change drug development by interconnecting systems that do not communicate well with each other and to establish data provenance, read the blockrx.com white paper.
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Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.