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Friday, February 23, 2024
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    bitcoin
    Bitcoin (BTC) $ 50,753.60
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    Ethereum (ETH) $ 2,921.61
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    Tether (USDT) $ 1.00
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    Can Blockchain Remedy Healthcare? Nigeria Bets On The Know-how To Curb Pretend Medicine

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    Blockchain know-how emerges as a possible strong answer to the persistent problem of counterfeit medicines within the pharmaceutical sector. In response to Goldstein Market Intelligence’s forecast, the estimated impression of counterfeit medicines is a staggering $5.3 billion this yr. Regardless of these challenges, trade consultants categorical optimism concerning the transformative impression of blockchain know-how in addressing this urgent concern.

    Is Blockchain The Answer To Counter Pretend Medicine?

    In a latest interview with Sunday PUNCH, Oluseyi Akindeinde, the CEO of Hyperspace Applied sciences, highlighted the potential of blockchain in safeguarding the pharmaceutical sector. Akindeinde emphasised that blockchain’s capability to serialize pharmaceutical merchandise and assign verifiable safety features might considerably hinder the circulation of counterfeit medicines.

    To attain this, Akindeinde proposed integrating encrypted non-fungible token (NFT) tags into pharmaceutical merchandise. These tags create distinctive identities and supply an extra layer of safety. By encrypting the NFTs, solely licensed people with the proper code can entry info akin to possession particulars and any connected knowledge, making certain the integrity of digital belongings on the blockchain.

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    The impression of counterfeit medicines extends far past monetary losses. In response to the United Nations, substandard medicine end in a staggering 500,000 deaths yearly in sub-Saharan Africa alone. Shockingly, inside that determine, 267,000 deaths are linked to counterfeit antimalarial medicine, whereas substandard antibiotics for extreme pneumonia contribute to 169,271 deaths.

    The Nationwide Company for Meals and Drug Administration and Management lately took motion in opposition to the counterfeit medication commerce, destroying over N500 million price of pretend and expired items in Abuja. The regulator famous that the destroyed medicine included psychoactive and managed substances, antibiotics, anti-hypertensives, natural cures, and medicines confiscated from unauthorized distributors.

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    BTCUSD buying and selling at $48,173 on the weekly chart: TradingView.com

    Good Contracts: Antidote To Drug Counterfeiting

    Akindeinde additional defined that blockchain know-how provides an immutable answer via the usage of good contracts. Good contracts are unchangeable traces of code deployed on the chain. Every pharmaceutical product receives a singular identification tag affixed to its packaging inside a wise contract, rendering manipulation just about unimaginable.

    The implications of counterfeit medicine prolong past the quick well being dangers. Legit pharmaceutical firms endure reputational injury, and your entire healthcare system grapples with diminished belief as a result of proliferation of pretend medicine. Blockchain know-how, with its inherent authentication and transparency, has the potential to revive belief and integrity.

    Adewale Kayode, the Director and Staff Lead at Sirfitech, echoed the sentiment, stating that the know-how might present authentication and transparency throughout your entire pharmaceutical worth chain. From uncooked supplies to manufacturing and distribution, blockchain know-how can make sure the verifiability and traceability of pharmaceutical merchandise, instilling confidence in customers and stakeholders alike.

    Because the counterfeit medication trade continues to evolve, the adoption of blockchain know-how provides a glimmer of hope. Whereas challenges akin to regulatory frameworks and trade collaboration stay, the potential of blockchain to fight counterfeit medicines and shield lives is plain. The pharmaceutical sector stands poised to leverage this transformative know-how, forging a path in the direction of a safer and extra dependable future.

    Featured picture from Freepik, chart from TradingView

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