In our recently published point of view, In Blockchain we trust: transforming the life sciences supply chain, we discuss Blockchain’s potential to drive profound, positive change across the Life Sciences supply chain. Blockchain can provide security, auditability, decentralization, cost reduction, automation and indisputability. It’s no secret that it is becoming increasingly relevant and necessary, yet despite its undisputed value, only approximately 30 percent of life sciences companies plan to utilize blockchain (if they aren’t already) within the next three years according to our research. So, for the courageous life sciences companies that may already be in various stages of adoption and experimentation, we applaud your willingness to fail fast and innovate to achieve competitive advantage and improve patient outcomes.
It’s encouraging to imagine the possibility that innovations in the supply chain can keep up with innovations in medicines and treatments. The multitude of innovative therapies today that challenge the traditional life sciences supply chain are increasing the need for secure and authenticated drugs that are delivered at the right temperature, to the right patient at the right time. Verifying the provenance of a medicine, from tracking raw materials to the medicine that ultimately lands in the patient’s hands, is not only a mandatory supply chain capability today, but a reality with blockchain. Organizations across the life sciences ecosystem benefit from having authentic product in the supply chain, brand integrity and improved patient outcomes. The ability to tie the patient to the product will not only increase patient satisfaction, but their ability to better manage their own health.
Blockchain’s impact on the industry will help advance the quality and value of care, open new business opportunities and help overcome current challenges. It’s time. We must consider how to make the journey easier for the 30 percent who have yet to start their blockchain journey.