BLOCKCHAIN IN THE PHARMACEUTICAL INDUSTRY: A REVIEW

The pharmaceutical industry is undergoing a major transformation, driven by the need for improved drug safety, supply chain transparency, and data security. At the forefront is blockchain technology, a decentralized digital ledger that offers immutable and verifiable records. Blockchain helps combat counterfeit drugs by enabling real-time product authentication through unique digital identifiers like QR codes or RFID tags.It also streamlines the traditionally fragmented supply chain by providing a shared, transparent ledger for all stakeholders. Smart contracts automate tasks such as compliance checks and inventory management, reducing errors and improving efficiency. Additionally, blockchain enhances data security by using strong encryption and decentralization, protecting sensitive information like patient records and clinical trial data.When combined with technologies like IoT and AI, blockchain enables real-time monitoring and predictive analytics, further improving drug safety and operational efficiency. In summary, blockchain offers a robust solution to key challenges in the pharmaceutical sector, paving the way for greater transparency, efficiency, and trust.