IEEE to Release Report on Blockchain Adoption in the Pharmaceutical Industry

The IEEE has completed a study on blockchain adoption in the pharmaceutical industry. The report will be available for purchase on October 25 and will discuss various important considerations.

The Institute of Electrical and Electronics Engineers (IEEE), a professional organization focused on promoting technology, has announced the release of a report that analyzes the use of blockchain technology in the pharmaceutical industry. The report, called “The State of Blockchain Adoption in the Pharmaceutical Supply Chain,” will be available for purchase on October 25.

In August, IEEE Standards Association (IEEE-SA) announced that they would sponsor the study, and now it is ready for release.

Here are the key insights of the report according to IEEE:

  • Perspective on which of the three key trading partners has the most to benefit and/or lose by blockchain implementation?
  • Affinity for private versus public blockchain applications
  • What are the key benefits that can be achieved with adoption?
  • What are the perceived lack of benefits of implementing the solution?
  • Deeper understanding of the unresolved issues and uncertainties impeding progress on adoption?
  • What are the planned next steps for testing or implementing the technology?
  • A better understanding of knowledge gaps at various levels to educate both business and technologists on this specific application.

Ipsos, a research firm with a global reputation, was chosen to conduct the research. The study involves more than 300 company executives as respondents.

The goal of the study is to find out how blockchain can improve activity and interaction between producers, distributors, and dispensaries, and how they can better comply with the serialization requirements of the US Drug Supply Chain Security Act (DSCSA). Additionally, the study wants to analyze the obstacles to blockchain adoption in the pharma industry. 

Blockchain refers to a distributed ledger that is shared by all the participants of the network. Companies choose this technology to automate certain operations, cut the number of intermediaries (even remove them entirely), increase the security of data and transactions, and more.

One of the key benefits of blockchain in the pharmaceutical industry refers to its potential to fight counterfeit drugs and increase transparency in the supply chain.

Earlier, we reported that several companies, including giants like Pfizer and Genetch, formed the MediLedger Project – a network that would utilize blockchain to control pharmaceutical supply chains.

IEEE’s online study found that most of the respondents were considering blockchain for their supply processes, while 20% of them were conducting pilot tests.

When asked who should sponsor the blockchain adoption, majority of the executives said that the manufacturers should take this responsibility and control data. However, over 30% said that the implementation should be shared between all the parties involved.

Another interesting finding of the study is that most executives who are already assessing the technology seem to be confident about it and are ready to proceed to the next stage.

IEEE wants to go further and raise awareness regarding the potential of blockchain. The organization will set up a workshop in Washington DC on November 8, at the Healthcare Distribution Alliance Traceability Seminar “Cutting to the Trace with Blockchain.”