When a user googles ‘counterfeit drugs’, India is one of the first market that comes up. Counterfeit drugs cause the greatest economic loss for India. The World Health Organization (WHO) estimates that one in five drugs made in India are fake and that fake pharmaceuticals are a $75 billion dollar global industry.
However, Blockchain – a decentralized, scalable and tamper proof solution – can help disable this.
Every manufactured product can be treated as an asset and can be added to the blockchain using a hash. These hashes will verify the legitimacy of the product. Every time a product moves up into the supply chain (from one trading partner to another), the change of ownership will be recorded in the blockchain, which can provide absolute verification and complete audit trail. Moreover, the blockchain prevents malicious individuals from creating duplicate/fake records.