Blockchain Technology Revolutionizing Transparency and Efficiency in the Pharma Supply Chain Market

The global blockchain in the pharmaceutical supply chain market was valued at USD 70.5 million in 2020 and is expected to grow at a CAGR of 21.5% from 2021 to 2028. The market is driven by factors such as the growing need to combat counterfeit drugs, increasing government initiatives to implement blockchain in the pharmaceutical industry, and the growing demand for transparency in the supply chain.

Blockchain technology has the potential to revolutionize the pharmaceutical supply chain by improving transparency, traceability and security. The technology can help reduce counterfeiting, streamline the supply chain and improve the quality of medicines. The market for blockchain in pharmaceutical supply chains is expected to grow significantly in the coming years. This report provides an overview of the market, including current trends, growth drivers, challenges and opportunities.

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Market drivers:

1. Increased demand for transparency and traceability: In recent years, there has been an increased demand for transparency and traceability in the pharmaceutical supply chain industry. Blockchain technology provides a secure and transparent way to track the movement of pharmaceuticals from manufacturer to end consumer.
2. Increasing Incidences of Counterfeit Medicines: The increasing incidence of counterfeit medicines in the pharmaceutical supply chain industry is a significant concern for manufacturers and consumers. Blockchain technology helps ensure the authenticity of medicines by providing a secure and immutable record of the medicine’s journey from manufacturer to end consumer.

Segmentation:

Blockchain in pharma supply chain market is segmented by type, application, and region.

By type, the market is categorized into public blockchain, private blockchain and consortium blockchain. The private blockchain segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period due to its ability to provide better security and privacy.

By application, the market is segmented into drug traceability, clinical trials, drug supply chain management, and others. The drug traceability segment accounted for the largest share of the market in 2020 due to the growing need to track the movement of drugs from the manufacturer to the end consumer.

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Recent developments:

1. IBM and Merck collaborate to develop a blockchain-based pharmaceutical supply chain: In 2019, IBM and Merck announced a collaboration to develop a blockchain-based pharmaceutical supply chain. The project aims to create a secure and transparent supply chain that can track the movement of pharmaceuticals from the manufacturer to the end consumer.
2. SAP launches blockchain-based solution for pharmaceutical supply chain: In 2020, SAP launched a blockchain-based solution for the pharmaceutical supply chain. The aim of the solution is to provide a safe and transparent way to track the movement of medicines from the manufacturer to the end consumer.

Regional Analysis:-

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the market in 2020 owing to the presence of large pharmaceutical companies and the growing adoption of blockchain technology in the region.

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Key Players:-

• IBM
• AWS
• Microsoft
• SAP
• Chronicled
• AI
• Emblem
• Factom Inc.
• PharmaTrust
• Guardtime Federal
• Hashed health
• Medical chain
• Huawei

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