Imagine if innovations in the life sciences supply chain kept up with innovations in medicines and treatments? Today’s innovative therapies are challenging the traditional life sciences supply chain, increasing the need for secure and authenticated drugs that are delivered to the right patient at the right time.
Now is the time
Investment and spending on blockchain-based technology have each topped more than $1 billion and continue to grow. Accenture’s current projections for the blockchain services market alone estimates a CAGR of more than 60 percent, hitting close to $7 billion by 2021. Within life sciences alone blockchain technology could provide a $3 billion dollar opportunity by 2025.
Blockchain has applicability across all supply chain functions, with particular benefit to unique aspects of the life sciences supply chain such as provenance, serialization track and trace and specialty logistics.
For example, to address the perennial challenge of trust and speed in the life sciences supply chain, blockchain’s ability to create the right permissions around the sharing of data and enabling better traceability allow companies to access only the information they want without revealing commercially sensitive data. Imagine the decrease in complications associated with the recall process through concurrent notification within the supply chain.
It is only a matter of time before all the product data in the supply chain is stored in the blockchain, enabling life sciences organizations to target patients with far more relevant information – such as product availability, detailed product information and specific product history. The ability to tie the patient to the product will not only increase patient satisfaction, but ultimately their ability to manage their own health for better outcomes.
Those that start now – who are willing to experiment, fail fast and innovate based on that experience- will be the organizations that achieve competitive advantage and improve patient outcomes. Imagine that.