Evaluation of Blockchain and IoT Technology's Impact on the Pharmaceutical Sector
Sampurna Panda, Rakesh Kumar, Ranjeet Singh Tomar · 2024
Over the course of the last few decades, the pharmaceutical business has undergone tremendous growth. The pharmaceutical sector is crucial to the accessibility of healthcare since it manufactures and distributes drugs to satisfy consumer demand and public health concerns. Many sectors, including the pharmaceutical industry, are experiencing rapid digital transformation thanks to blockchain technology. Fortunately, some issues in this process have been resolved through the use of blockchain technology. The pharmaceutical industry has been one of the fastest-growing industries and claims to be at the forefront of healthcare delivery in many ways. Sectors of manufacturing have started exploring how to incorporate blockchain technology for a wide range of purposes, including increased traceability and transparency, security, and data privacy. The necessity for drug security and timely, error-free distribution is met by use cases involving blockchain and the Internet of Things (IoT). The IoT has the potential to improve pharmaceutical product manufacturing efficiency through real-time monitoring and control of various unit operations. The IoT has many potential uses in pharmaceutical supply chain management and warehousing, including the tracking of drug goods in real time and the improvement of visibility to boost operational efficiency.