Stabilising The Biologics Supply Chain with Blockchain - ERP Spain.com - España y América Latina

The counterfeit business is booming. Counterfeit goods account for a whopping 27 billion EUR revenue lost annually in the Pharma industry due to counterfeits. Moreover, it has an extensive negative impact, leading to product recalls lawsuits, consumer illness or death, and eventually, long-term reputational harm. Blockchain helps tackle counterfeiting by identifying the provenance (i.e., proof-of-origin) of a product because blockchain provides a secure and trusted tracking system from one end of the supply chain (the creation or mining of raw materials) all the way to the other end of the supply chain (where the end user enjoys the finished product). Because blockchain can identify provenance, legal enforcement agencies can more conclusively establish the counterfeit nature of suspect products, and pharma companies can protect their bottom line, ultimately stabilizing and creating a more resilient supply chain