CLOSE

Specials

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Skip to: Curated Story Group 1
lifesciencesreview
US
EUROPE
APAC
LATAM
  • Home
  • Contributors
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • Magazine
  • About
×
#

Life Science Review Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Life Science Review

Subscribe

loading

Thank you for Subscribing to Life Science Review Weekly Brief

  • Home
  • News

Recommended picks

Major Compliance Challenges Facing The Life Science Industry In 2022

Major Compliance Challenges Facing...

How Pharmaceutical Automation is Revolutionizing Drug Development

How Pharmaceutical Automation is...

Major Challenges In The Evolving Era Of Life Sciences

Major Challenges In The Evolving Era...

Exeevo Brings Innovative Hybrid/Remote Connectivity With Native Integration Into The Omnipresence Customer Relationship Platform, Powered By Microsoft Teams

Exeevo Brings Innovative...

Key Trends in Life Sciences Compliances to Watch out for in 2022

Key Trends in Life Sciences...

Four Proven Pharmaceutical Marketing Strategies to Know

Four Proven Pharmaceutical Marketing...

Key Compliance Challenges Facing Life Science Industry

Key Compliance Challenges Facing Life...

Bruker introduces TOF SCP and TOF Pro 2 for unmatched proteomic dept.

Bruker introduces TOF SCP and TOF Pro...

Major Compliance Challenges Facing The Life Science Industry In 2022

Major Compliance Challenges Facing...

How Pharmaceutical Automation is Revolutionizing Drug Development

How Pharmaceutical Automation is...

Major Challenges In The Evolving Era Of Life Sciences

Major Challenges In The Evolving Era...

Exeevo Brings Innovative Hybrid/Remote Connectivity With Native Integration Into The Omnipresence Customer Relationship Platform, Powered By Microsoft Teams

Exeevo Brings Innovative...

Key Trends in Life Sciences Compliances to Watch out for in 2022

Key Trends in Life Sciences...

Four Proven Pharmaceutical Marketing Strategies to Know

Four Proven Pharmaceutical Marketing...

Key Compliance Challenges Facing Life Science Industry

Key Compliance Challenges Facing Life...

Bruker introduces TOF SCP and TOF Pro 2 for unmatched proteomic dept.

Bruker introduces TOF SCP and TOF Pro...

Overcome Regulatory Compliance Challenges in Life Sciences with Blockchain

Life Sciences Review | Wednesday, January 06, 2021
Tweet

A blockchain-based solution will add transparency and accountability to the pharmaceutical industry's supply chain, making it cheaper for regulatory agencies to monitor pharmaceutical products.


FREMONT, CA: Healthcare laws differ across topography, so international corporations need to comply with foreign and local regulatory approval criteria. In this case, an approach to mastering enforcement by applying a hybrid blockchain can be constructive. Blockchain technology provides a means of storing and sharing information over a secure peer-to-peer network. Multiple network users check both blockchain knowledge transactions. This aspect makes it possible for regulators to determine the reliability of the documents.


Below is how Blockchain can solve some of the most troubling regulatory and enforcement problems in the life sciences industry today.


1. Pharmaceutical Supply Chain 


Counterfeit drugs are one of the most significant problems facing government authorities and pharmaceutical firms. Main concerns related to the safety of medicines in the pharmaceutical supply chain contribute to how medications are produced and the traceability of active pharmaceutical ingredients. The pharma supply chain's data and processes are frequently contradictory, contributing to little or no visibility of end-customer sales data for producers. 


Analysis by a public health organization showed that at least 10 percent of medicines worldwide are counterfeit, resulting in 1 million deaths per year.


A blockchain-based solution will add transparency and accountability to the pharmaceutical industry's supply chain, making it cheaper for regulatory agencies to monitor pharmaceutical products. Blockchain-based information systems can carry data such as expiry dates and certificates of origin that can be made available to all regulatory parties at each point of the drug's journey.


2. Subject Identification for Positive Clinical Trials


The desire to identify the best candidates for clinical trials is a central element in the successful development of medications. Every patient or topic is unique, and, thus, it is crucial to provide a single source of reality for every person within the network. Incorrect choice of the issue due to lack of correct patient details can lead to failure of clinical trials and, eventually, to delays in drug launches and notable monetary losses that indirectly affect cost-to-care prices.


Blockchain can help patients preserve their medical records and reach out to clinical trial recruiters themselves, while investigators and clinicians can save their findings on the same chain. In this way, patient data would be protected, untouched, and open to the right partners by role-based access.


Weekly Brief

loading
Top 10 Life Science Compliance Solution Companies - 2021
> <
  • DNA Sequencing 2022

    Top Vendors

    Current Issue
  • BioTech Startups 2022

    Top Vendors

    Current Issue
  • DNA Sequencing 2022

    Top Vendors

    Current Issue
  • BioTech Startups 2022

    Top Vendors

    Current Issue

Read Also

Everything You Need to Know About Medical Lab Equipment and their Applications

Everything You Need to Know About Medical Lab Equipment and their Applications

Lung Cancer patients can see improved results with Immunotherapy along with Chemotherapy Before surgery.

Lung Cancer patients can see improved results with Immunotherapy along with Chemotherapy Before surgery.

Here's The List Of Top Biotech Stocks To Buy In 2022

Here's The List Of Top Biotech Stocks To Buy In 2022

Efficacy and Safety Data by Entasis Therapeutics from Landmark Phase 3 Attack Trial

Efficacy and Safety Data by Entasis Therapeutics from Landmark Phase 3 Attack Trial
How Does Biotechnology Help Humans?

How Does Biotechnology Help Humans?

The several benefits Of Agricultural Genome Editing

The several benefits Of Agricultural Genome Editing

2027 Might See a Market Growth of Third-party Logistics at a CAGR of 7.1 percent

2027 Might See a Market Growth of Third-party Logistics at a CAGR of 7.1 percent

A Week To Celebrate The Significant Role Of Clinical Lab Professionals In Healthcare

A Week To Celebrate The Significant Role Of Clinical Lab Professionals In Healthcare
Loading...

Copyright © 2022 Life Science Review . All rights reserved. |  Subscribe |  About Us follow on linkedin

This content is copyright protected

However, if you would like to share the information in this article, you may use the link below:

https://www.lifesciencesreview.com/news/overcome-regulatory-compliance-challenges-in-life-sciences-with-blockchain--nwid-222.html