The global pharmaceutical industry has recorded an estimated loss of $200 billion annually, due to the growing counterfeit drug market. Developing countries are the worst hit with about 10% to 30% sale of counterfeit drugs. This long-standing problem in the pharmaceutical supply chain is a grave matter of concern as the drug that was delivered doesn’t fulfill the promise of its ability to treat the patient in turn harming the user.
Key Challenges :
Absence of an integrated system of stakeholders across supply chain
No visibility to track authenticity of drugs
Inefficient methods for conducting recalls and returns processing
No trusted network
Benefits of Snapper Blockchain Based Solution :
Drug Traceability through a transparent viewing system recording drug and supply chain data at every stage reducing the risk of deceit and fraud.
Open data access allowing drug authentication helping in visible findings of counterfeit drugs hovering in the market giving data integrity and transparency.