Blockchain technology is revolutionizing pharmaceutical delivery chain management with the aid of offering enhanced traceability and transparency. The immutable and decentralized nature of blockchain permits the introduction of a tamper-evidence file of every transaction, from manufacturing to distribution, ensuring the authenticity of pharmaceutical products and stopping counterfeit drugs from entering the delivery chain. The need for strong anti-counterfeiting measures drives the implementation of blockchain in pharmaceutical delivery chain management. Blockchain permits the creation of stable, verifiable data for every drug, allowing stakeholders to authenticate the origin and journey of pharmaceutical merchandise, hence ensuring patient safety and compliance with regulatory requirements. Blockchain enables green serialization and track-and-hint systems in the pharmaceutical delivery chain. Each drug package deal is assigned a unique identifier recorded on the blockchain, permitting real-time tracking of its motion through the delivery chain.
The adoption of blockchain encourages collaboration and interoperability among one-of-a-kind stakeholders in the pharmaceutical delivery chain. By utilizing a shared and obvious ledger, manufacturers, distributors, pharmacists, and regulators can get admission to a single supply of reality, fostering consideration and collaboration even as streamlining communication and selection-making techniques. Blockchain facilitates regulatory compliance and auditing within the pharmaceutical enterprise. The immutable file of transactions on the blockchain simplifies the audit process, allowing regulatory authorities to affirm compliance with enterprise requirements quickly. This transparency additionally helps pharmaceutical groups in demonstrating adherence to regulations. Blockchain enables decentralized information possession and entry to manipulation, addressing worries related to data privacy and protection. Participants within the supply chain can manage to get the right of entry to their facts, sharing best what is vital with legal events.
Blockchain is increasingly incorporated with different rising technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI). This integration enhances the talents of pharmaceutical supply chain management with the aid of enabling actual-time tracking of environmental conditions for the duration of transportation and leveraging AI for predictive analytics and selection-making. The adoption of blockchain in pharmaceutical supply chain control is part of a broader trend closer to market growth and globalization. As pharmaceutical groups function on an international scale, blockchain gives a standardized and stable platform for dealing with the complexities of worldwide delivery chains, ensuring compliance with various regulatory frameworks. Blockchain contributes to environmental sustainability within the pharmaceutical enterprise by reducing waste and inefficiencies inside the supply chain. The streamlined procedures enabled through blockchain technology lead to fewer errors, decreased times of product remembers, and an extra sustainable technique for pharmaceutical manufacturing and distribution.
Blockchain in Pharmaceutical Supply Chain Management Market Size was prized at USD 0.98 Billion in 2023. Blockchain in pharmaceutical supply chain management market industry is projected to grow from USD 1.2054 Billion in 2024 to USD 5.15 Billion by 2032, showing a compound annual growth rate of 19.90% from 2024 to 2032. Factors like rising blockchain as a service (BaaS) adoption and rising demand for distributed ledger technology that is transparent and unchangeable are the key market drivers enhancing the market growth. Additionally, the pharmaceutical industry is projected to embrace blockchain technology because of the rising demand for healthcare data protection and the rise in healthcare data theft and breaches.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for blockchain in pharmaceutical supply chain management is driven by the rising cyberattacks on the healthcare sector. Due to increased data breaches, break-ins, and the unauthorized release of sensitive healthcare data from databases, the market will grow more swiftly. Additionally, due to the rapid development in the healthcare industry, electronic clinical records with personalized medical data sets have replaced paper-based clinical records. In any instance, because of the centralized database, regular data sets, like SQL data sets, can impede the flow of information. With its decentralized character distribution control, blockchain technology successfully prevents data breaches. The blockchain's accuracy must be verified against other data to display the two blocks to every user. This guarantees toughness and guards against data loss and harm. As a result, pharmaceutical businesses are increasing their use of DLTs to follow the supply chain from producers to customers and research facilities.
One in ten medicines fail in low- and middle-income countries because they are subpar or fake, according to the World Health Organisation (WHO). For instance, 72,430 and 169,270 kids have pneumonia yearly after using bogus medications. To reassure users that regulatory organizations have verified the manufacturer, the medical profession has been urged to switch to blockchain due to widespread worries about phony drug supply chains. Additionally, the acceptance of electronic health records (EHRs) has increased the ability of medical professionals to share clinical data to hasten disease detection. Also, publishing such sensitive information on commercially available social media networks is unsafe. As a result of blockchains' quick uptake as a secure platform for sharing encrypted information that only verified users can access, the market is expected to expand. Thus, driving the blockchain in pharmaceutical supply chain management market revenue.
The blockchain in pharmaceutical supply chain management market segmentation, based on application, includes product traceability, risk & compliance management, payment & settlement, and others. The product traceability segment dominated the market, accounting for 42.8% of market revenue (0.3 Billion). Traceability has become a vital requirement for multi-tiered, multi-site production. It offers visibility and satisfies the needs of consumers for the guarantee transparency and quality. Furthermore, in 2022, the payment & settlement sector witnessed the fastest growth rate. Blockchain technology increases the effectiveness of payment systems, lowers operating costs, and provides transparency. Due to the benefits of blockchain technology, its use in payment solutions is expanding, driving the segment's growth. Another key factor driving the segment's growth is that blockchain eliminates the need for an intermediary in processing payments.
Figure 1: Blockchain in Pharmaceutical Supply Chain Management Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The blockchain in pharmaceutical supply chain management market segmentation, based on end-user, includes manufacturers, distributors, and healthcare providers. Due to their substantial R&D expenditures, the manufacturers category hold the highest proportion. Therefore, the use of this technology is expanding for a variety of purposes, including ensuring compliance, transparency, and traceability within the pharmaceutical supply chain and in clinical trials, improving the reliability and quality of the clinical trials, and preventing counterfeit drugs from entering trials and, ultimately, the market. The distributor industry had the greatest share of revenue in the market in 2022, and this pattern is projected to hold throughout the forecast period. During the forecast period, rising worries about medical shipment tracking, the need to maintain complex records, and an increase in product transparency are anticipated to promote the expansion of the market.
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American blockchain in the pharmaceutical supply chain management market area will dominate this market. The North American blockchain in the pharmaceutical supply chain management market is being driven by the presence of large pharma players in the U.S., the dominance of top blockchain providers in North America, high awareness regarding data management and counterfeit drugs, and growing support from public and private bodies to adopt blockchain technologies.
Further, the major countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Figure 2: BLOCKCHAIN IN PHARMACEUTICAL SUPPLY CHAIN MANAGEMENT MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s blockchain in the pharmaceutical supply chain management market accounts for the second-largest market share. Governments around the region support using this revolutionary technology and cryptocurrencies in the entire healthcare ecosystem due to its potential to increase efficiency, improve security, simplify transactions, and engage patients. Further, the German blockchain in the pharmaceutical supply chain management market held the largest market share, and the UK blockchain in the pharmaceutical supply chain management market was the rapidly growing market in the European region.
The Asia-Pacific Blockchain in Pharmaceutical Supply Chain Management Market is anticipated to grow quickly between 2023 and 2032 due to the large population, which generates enormous numbers of patient records that must be safeguarded at all costs. As a result, Renji Hospital and VeChain jointly developed a blockchain-based IVF service application introduced in China in June 2021. Moreover, China’s blockchain in the pharmaceutical supply chain management market held the major market share, and the Indian blockchain in the pharmaceutical supply chain management market was the rapidly growing market in the Asia-Pacific region.
Blockchain in Pharmaceutical Supply Chain Management Key Market Players & Competitive Insights
Leading market players are largely investing in research and development to expand their product lines, which will help the blockchain in the pharmaceutical supply chain management market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. Blockchain in pharmaceutical supply chain management industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.
One of the major business strategies manufacturers use in the blockchain in the pharmaceutical supply chain management industry to increase market sector and benefits customers is local manufacturing to lower operational costs. In recent years, the blockchain in the pharmaceutical supply chain management industry has stipulated some of the most important medicinal benefits. Major players in the blockchain in the pharmaceutical supply chain management industry, including Huawei, Digital Treasury Corporation, Vechain Foundation, Auxesis Group, Microsoft, and others, are funding operations for research and development to boost market demand.
Nokia firm, founded in 1865, is a Finnish multinational telecommunications, information technology, and consumer electronics firm. Over the last 150 years, the organization has worked in various industries. It was formed as a pulp mill and has long been connected with rubber and cables, but it has focused on large-scale telecommunications infrastructure, technological development, and licensing since the 1990s. In March 2022, Nokia was picked by Equideum Health to aid in the development and delivery of healthcare use cases, according to Nokia. Equideum Health will use Nokia's Data Marketplace (NDM) solution, offered via its Software-as-a-Service (SaaS) architecture. Equideum Health, a blockchain leader in healthcare and life sciences, will be able to introduce new use cases.
Avaneer Health provides a secure and open network that supports utility services for the healthcare industry. The company provides transparency and security to help consumers navigate healthcare decisions and reduce administrative burdens caused by regulation, privacy protection, and competitive dynamics, allowing the industry to collaborate effectively to improve the consumer experience and interoperability in healthcare. In January 2022, Avaneer Health secured funding from numerous famous healthcare institutions, totaling USD 50 million in seed capital. Based on blockchain technology, the network focuses on payer-to-payer data sharing, eligibility, and prior authorization while utilizing HL7's FHIR specification to expand data access among healthcare firms.
Key Companies in the blockchain in the pharmaceutical supply chain management market include
Microsoft
Oracle
Tibco Software
Auxesis Group
Omnichain
Vechain Foundation
Chainvine
Applied Blockchain
AWS
Huawei
Guardtime
BTL Group
Bitfury
Digital Treasury Corporation
Blockverify
Nodalblock
Peer Ledger
Blockchain in Pharmaceutical Supply Chain Management Industry Developments
August 2021:ConsenSys, a healthcare blockchain business, has acquired FHIRBlocks to strengthen its data-sharing capabilities as federal rules allow patient access to medical information. ConsenSys announced plans to integrate FHIRBlocks' technology into its Elevated Compute platform, which leverages blockchain, decentralized artificial intelligence, and confidential computing for healthcare and life sciences companies, at the 2021 Healthcare Information and Management Systems Society (HIMSS) Conference in Las Vegas.
January 2021:Optum, a subsidiary of UnitedHealth Group, announced the acquisition of Change Healthcare with the goal of more effectively simplifying essential clinical, administrative, and payment processes. According to the companies, Change Healthcare will work with the OptumInsight division to offer software and data analytics, technology-enabled services, research, consulting services, and products for revenue cycle management.
Product Traceability
Risk & Compliance Management
Payment & Settlement
Others
Manufacturers
Distributors
Healthcare Providers
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