SAP Launches New Blockchain Software to Authenticate Pharmaceuticals, Eliminate Counterfeit Drugs
The intention is to allow wholesalers to authenticate pharmaceutical packaging. The supply chain in the pharmaceutical industry will be enhanced with the latest system developed by SAP. The information was released by SAP in a press release on January 16.
Wholesalers in the United States encounter 60 million returns annually that have an estimated value close to $7 billion. This solution will help customers be compliant with the U.S. Drug Supply Chain Security Act (DSCSA). In this way, fake and contaminated medicines will be out of the market, improving customers’ health.
Jeffrey Denton, senior director, Global Secure Supply Chain, AmerisourceBergen Corporation, commented about this implementation:
“Blockchain is driving a new breed of enterprise applications that could drastically improve cooperation for wholesale distribution. The blockchain-based solution from SAP provides the best opportunity to fully satisfy our need to be interoperable with our trading partners and their solutions as well as to remain compliant with the U.S. DSCA.”
Buyers can easily verify product codes, expiration date and more with this new system. In order to create this software, the company worked side by side with AmerisourceBergen, Boehringer Ingelheim Ag & Co and other companies in the pharmaceutical industry.
Dr. Oliver Nuernberg, the Chief Product Owner at SAP, commented that the new blockchain product supports the industry’s needs for a new and immutable ledger with the information about drugs.
SAP is working in many different industries trying to explore new solutions with distributed ledger technology (DLT). Blockchain technology is helping many businesses and companies to improve their efficiency and offer better products and services to users from all over the world.
There are several firms such as JD.com or Carrefour that are working with DLT to track products from the farm until they are sold by these companies. In this way, it is possible to detect when there was a problem with the supply chain or when one of the parties involved in it did not follow the necessary rules to be compliant with local regulations. Customers can always check where their product was produced and more.