Leveraging Life Science with Supply Chain Traceability

May 18, 2022


Technology adoption in the field of life sciences has streamed ahead by leaps and bounds. The Life-science sector generates and operates with enormous data every day- like clinical trials, patient safety, drug supply chain, inventory management, recall management, etc. Therefore, the life-science sectors face an urgent need to progress technologically in order to keep pace with the fast-growing demands and provide innovative outcomes to the patients. As a result, the life sciences companies need to think beyond their core capabilities and prepare themselves for the next generation of the supply chain.

This is now possible using blockchain technology. The recent COVID-19 pandemic has drastically impacted the healthcare and pharma sector supply chain. The lack of visibility across the supply chain has delayed the flow of information across the network about inventory, dispatch, and known market feedback of essential drugs. All the mentioned challenges have collectively given rise to the importance of protecting and enhancing the life science supply chains, in order to prepare them to be flexible enough to support a sudden surge in production to match the ongoing demands. All the crucial supply chain challenges can be managed through the use of next-gen technologies- like blockchain, to gain enhanced visibility and traceability so that the products or drugs can timely reach the end-users without any demand-supply gap. Using the Internet of Things (IoT), blockchain, etc. the manufacturers can gain better visibility into their supply chains. Therefore, aiding them to make vital business decisions. In addition, platforms like IoT and blockchain help life science sectors eliminate counterfeiting by entrusting clients’ customers and engaging their retailers efficiently.  

Blockchain has the potential to build trust and create the right permissions for the sharing of data. Thus, allowing life science sectors to break through many of the crucial issues faced, by enabling better traceability. Life sciences companies can retrieve the information they want without disclosing commercially sensitive data.

Blockchain traceability allows you to track and trace information or products across a supply chain efficiently. Implementing blockchain-enabled traceability solutions within your life science can enhance transparency and visibility across the supply chain. Traditional traceability solutions, being centralized, are open to crises such as single point failure, drug counterfeits, data manipulations, etc. With blockchain, a distributed ledger technology uniquely used for sharing and reconciling information, the life science supply chain can easily tackle all the drawbacks of centralized traceability solutions. Blockchain traceability solutions and applications are already gaining the spotlight in different domains, especially supply chain management. Organizations across many industries have started integrating blockchain traceability solutions in their supply chain to enhance transparency via tracking and tracing all the events, facilitating faster and better cost-efficient delivery of medical products, and drugs, enhancing coordination between partners and aiding access to financing. Blockchain-enabled traceability solutions can go up to the extent where they can enhance the brand value and keep the brand reputation intact by detecting drug counterfeits and fraud. It empowers the end customer by giving them a detailed overview of the product’s origin and journey. For example, Traceability solutions help drug manufacturers monitor “to where the drugs are being delivered” while the companies and end customers can understand “where the products in their hands have come from”. This adds credibility factor to the brand instilling brand trust.

Advantages of Supply Chain Traceability

  1.   Brand Protection: Prevent and demotivate imitators to sell fake drugs under your life-science brand with effective anti-counterfeit solutions backed by patent-pending technology and AI.
  2.   Real-time Data based on 24×7 Tracking: With real-time visibility, end-to-end transparency, and a trusted environment, promote a secure exchange of information and workflow. 
  3.   Consensus-based Ledger: Store high-priority information in a tamper-proof and distributed ledger.
  4.   Eliminate Intermediaries, Save Cost: Facilitate complex contract discussions without the use of intermediaries and reduce the cost and error associated with it.
  5.   Automates Manual Processes: enables automation and smart contracts in order to streamline the processes.
  6.   Enhances Security: With the distributed-ledger technology, traceability solutions offer unmatched security that creates a medical product and drug traceability relevant for the transaction that needs an audit trail.
  7.   Builds Trust among Stakeholders and Product Consumers: Offers a single source of truth. Allows organizations to share the data regarding the track and trace with their customers. This builds trust among the customers and helps them verify product authenticity. 

Major benefits across the life science supply chain

  1. Product Authentication – Product authentication technologies for pharmaceuticals serve as a critical component of any strategy to protect products against counterfeiting and fraud. Blockchain-enabled traceability systems are considered to be one of the leading ways to fight against pharmaceutical counterfeiting and diversion. Blockchain proves to be efficient in protecting by integrating the operation with identification labeling and authentication systems
  2. Sample Management – The sample distribution, inventory management, and reporting operations could be carried out more efficiently if the samples are bar-coded. With the power of blockchain, tracking and tracing the samples by lot and expiration date and further encoding this information could make compliance timelier.
  3. Recall Management – Drug recalls are a common and costly occurrence in the pharmaceutical industry. The effectiveness of recall management is an immediate result of the level of product visibility in the supply chain. So, with all the product information being available on the barcode/tag, affected products can be found extremely quickly with automated methods that minimize the labor required to search for and identify the items. Therefore, by enabling blockchain traceability throughout the supply chain, specific quantities and shipments can be recalled, and these recalls can be made more quickly.
  4. Inventory Management – Reduced storage and handling needs can be attained at every segment of the life sciences supply chain. Manufacturers could reduce inventory levels to a significant extent by implementing blockchain-enabled traceability solutions to improve visibility. Items can be tracked in real-time automatically whenever they are. Thus, with the real-time data, inventory records are thus kept accurate and updated in real-time.

Conclusion-

A blockchain is a powerful, decentralized technology used for addressing all the deficiencies faced by supply chain managers. With blockchain technology, there is significant room to improve life science supply chains concerning end-to-end traceability, coordination, speed of product delivery, and financing. MSRvantage Track and Trace Solution offer a comprehensive and reliable way to enhance security and provide end-to-end visibility among trading partners. With the enormous power of distributed ledger technology, Track and Trace solutions deliver a trusted environment for data exchange and workflow. Industries and organizations across various sectors can rely on MSRvantage Track and Trace solutions for speed, transparency, traceability, efficiency, and accuracy. By providing a complete view of the complex product journey, MSRvantage Track and Trace help life science sectors fight counterfeits and build an agile value chain. 

With MSRvantage, unleash the enormous potential of the distributed-ledger technology, and create a one-of-a-kind supply chain system for your life science.

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