A research conducted by the world health organization (WHO) shows that most of the fake drugs circulating all over the world come from India. According to the research, about 35 percent of these fake drugs sold all across the world is from India occupying about Rs 15000 crore in the counterfeit drug market. It was estimated that one out of ten medicinal products is fake, thus 20 percent of the drugs sold in India are fake or ineffective. These drugs are not only ineffective but can cause serious health problems or even death. Even though India is thinking of banning Bitcoin, they consider Blockchain as the future just as any other country.
Think Tank Blockchain Consideration
This fake drug canker in India has forced authorities to put measures in place to put an end to them. Think Tank has been reported to be working on a blockchain proof of concepts (POC) solution to eliminate the menace of counterfeit drugs in the country. Think Tank is an influential Indian government that performs research and advocacy on social, political and economic issues.
The highest policy-making body in India, The national institute of transforming India (NITI Aayog) and Think Tank is hoping to finish the PoC by the end of the year according to a local news source Factor daily.
Concerning how much India has upper hand in the production and selling of fake drugs, the World Health Organization has shown how delicate and important the problem is. An official from NITI AayoG made it known that most people might be dying from taking in these fake drugs and that a way to reduce the risk of taking in these counterfeit drug is to put the whole supply chain on the blockchain.
How Blockchain can be made to Check Fake Drugs
Before any medicine enters the market, there will be special identification codes or numbers assigned to the drug which will make it possible for the drug to be tracked through the entire supply chain using blockchain technology. This special identification code will enable people to scan the medicine on their smartphones and verify the source of production and all that is involved in the supply chain process.
To prevent using the unique ID on different drugs, the code on the already sold drug is irrevocably audited on the blockchain. This shows that the ID has already been sold and no longer exist, the official stated.
The pharmaceutical industry in India worth $28 billion is alleged to throw their support behind the government even though there some concerns over the cost because barcoding which is not common in India comes with a lot of costs. The general secretary of industry lobby Indian pharmaceutical alliance, DG Shah said that fake drugs are a concern and if blockchain can help the industry get rid of the problem, then the pharmaceutical industry is up for it. He added by saying if the government is willing to appreciate the cost involved and compensates it; the industry will have no objection.
The Problem of Employing Blockchain in this Process
There will also be a problem concerning putting the entire country’s drug inventory on the blockchain. There will be a production loss of 25% in the short term of their additional barcoding added to the packaging. Another official from NITI stated that Think Tank has named a technology partner for the PoC trial. The organization is looking to partner with a body which will help to take the cost.
The NITI Aayag stated that it is developing other proof of concepts to explore blockchain technology in other sectors including education, health, and agriculture. The decision made clarifies that India is more interested in the Blockchain technology than the cryptocurrencies despite the advice given by Tim Draper on Cryptocurrency crackdown.
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