Enhancing Pharmaceutical Supply Chain Visibility Using IoT and Blockchain
Mohsen Fallah, K. Srujan Raju, Rama Venkatasubramanian, Saloni Bansal, Rajireddy Soujanya, Neelam Sanjeev Kumar · 2024
The pharmaceutical supply chain requires the monitoring of various products in the channels and the issues affecting product integrity are numerous. This paper seeks to inquire how IoT and blockchain can be incorporated in the fight to increase supply chain transparency in the global pharmaceutical industry. People are connected by IoT devices which offer conditions of the environment at the moment, while blockchain makes data storage safe and permanent. The given approach consists in using Internet of Things sensors and radio frequency identification tags to gather data which is then input in a private blockchain platform. Data acquisition is followed by the utilization of higher-level analytics on the data, to make it beneficial for the decision makers. The outcomes depicted here capture how the system offers high accuracy in monitoring the conditions, provides adequate data security, and operates optimally with high satisfaction among the users. In light of the findings of this research, the author concludes that the combination of IoT and blockchain offers an extensive span of opportunities to provide visual supply chains; curb counterfeit drugs; and satisfy various regulatory requirements. Some of the barriers concerning data privacy, extension of networks and compatibility must be overcome to ensure the success of the initiative. This study aims to evaluate, for the first time, IoT and blockchain to develop a framework for improving the operation of the pharmaceutical supply chain while eliminating various factors that negatively affect the quality and safety of products.