Blockchain-enabled solution for transparency and waste minimization in pharmaceutical supply chains

Abstract

The pharmaceutical supply chain is a complex network involving multiple stakeholders and processes, making it susceptible to various inefficiencies and challenges such as counterfeiting, drug expiry, and inefficient inventory management. These challenges may lead to compromised patient safety and financial losses. Blockchain technology is a promising solution to these problems. This study develops a blockchain-enabled mathematical model for pharmaceutical supply chains. A distributed ledger is used to acquire the real-time drug transaction status throughout the supply chain. The study uses real-time data gathered from the distributed ledgers across the supply chain, ensuring optimum inventory with the minimization of expired drugs and transportation costs. By leveraging the proposed model, stakeholders can eliminate counterfeiting, reduce drug expiry, and ultimately ensure the integrity and safety of pharmaceutical products throughout their lifecycle. This model also helps manufacturers in decision making for drug manufacturing based on real-time data. Novelty of the study lies in real-time tracing and managing the drugs across the supply chain.