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Revolutionizing Pharmaceutical Supply Chains - Harnessing the Power of Blockchain Technology

Revolutionizing Pharmaceutical Supply Chains - Harnessing the Power of Blockchain Technology

Kasturi Laturkar, Kaustubh Laturkar
Copyright: © 2024 |Pages: 21
ISBN13: 9798369304822|ISBN13 Softcover: 9798369304860|EISBN13: 9798369304839
DOI: 10.4018/979-8-3693-0482-2.ch006
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MLA

Laturkar, Kasturi, and Kaustubh Laturkar. "Revolutionizing Pharmaceutical Supply Chains - Harnessing the Power of Blockchain Technology." Achieving Secure and Transparent Supply Chains With Blockchain Technology, edited by Mustafa Rehman Khan, et al., IGI Global, 2024, pp. 92-112. https://doi.org/10.4018/979-8-3693-0482-2.ch006

APA

Laturkar, K. & Laturkar, K. (2024). Revolutionizing Pharmaceutical Supply Chains - Harnessing the Power of Blockchain Technology. In M. Khan, N. Khan, & A. Ghouri (Eds.), Achieving Secure and Transparent Supply Chains With Blockchain Technology (pp. 92-112). IGI Global. https://doi.org/10.4018/979-8-3693-0482-2.ch006

Chicago

Laturkar, Kasturi, and Kaustubh Laturkar. "Revolutionizing Pharmaceutical Supply Chains - Harnessing the Power of Blockchain Technology." In Achieving Secure and Transparent Supply Chains With Blockchain Technology, edited by Mustafa Rehman Khan, Naveed Rehman Khan, and Arsalan Mujahid Ghouri, 92-112. Hershey, PA: IGI Global, 2024. https://doi.org/10.4018/979-8-3693-0482-2.ch006

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Abstract

The purpose of this chapter is to explore how blockchain technology can be used to transform supply chain management practices. Blockchain addresses longstanding supply chain challenges, such as transparency, traceability, and data integrity, through its decentralized, tamper-resistant nature. Through automated smart contracts, blockchain's secure and transparent ledger can enhance trust among stakeholders, mitigate fraud and counterfeiting risks, and streamline complex transactions. The chapter illustrates how blockchain integration can improve efficiency, reduce costs, and improve customer satisfaction through case studies across the pharmaceutical sector. In addition to addressing scalability, interoperability, and regulatory compliance, the chapter acknowledges existing obstacles in implementation of blockchain technology in supply chain management. Future advancements in blockchain technology promise to revolutionize supply chain management practices on a global scale.

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