Indian policymakers in collaboration with an Indian hospital chain and a multinational technology corporation have initiated plans to deploy blockchain technology in the fight against counterfeit pharmaceutical drugs.
The National Institution for Transforming India (NITI Aayog) has partnered with Oracle, an American computer technology corporation, and the Indian hospital chain the Apollo Hospitals Group in order to implement the blockchain technology.
NITI Aayog, a policy think-tank of the Government of India, “is putting pharma supply chain management in blockchain for complete traceability of drugs from the manufacturer to consumer,” according to the organisation’s CEO Amitabh Kant.
The initiative aims to eliminate all channels of counterfeit medical products, including pharmaceuticals, by transferring Apollo Hospitals inventory to a decentralised blockchain platform.
The blockchain technology will create a decentralised database which will track the supply chain of pharmaceuticals as they move from manufacturers to distributors to pharmacists and consumers. Pharmaceutical ingredients could be incorporated into the blockhain database in the future.