Blockchain in pharmaceutical life cycle management

Abstract

The blockchain and smart contract technologies have increasingly been introduced in several industrial markets. The blockchain can also effectively and potentially be used as a disruptive method to significantly improve the drug life cycle management. The cycle includes drug discovery, development, manufacturing, distribution, use, and finally disposal. In this short communication, we highlighted the general pros and cons of the blockchain technologies as well as the specific areas that can benefit from a digital ledger technology equipped with smart contracts. Although disruptive blockchain technology cannot be adopted, implemented, and solve the existing issues overnight, we believe that pharmaceutical and biotech scientists, research institutions, pharmaceutical manufacturers, government authorities, and public health systems will be the major beneficiary of its adoption in the long run.

Keywords: Blockchain; Drug discovery; Drug life cycle management; Pharmaceutical.