In this post-truth age of ours, where perception and narrative supersede fact and statistics, it’s easy to fall into the muddy waters of our Western discourse around wealth and drown in the swirling…
The annual loss to Pharma Industry due to fake, Substandard & falsified drugs as reached more than 200 billion USD and this illegal market is growing at a rapid pace. This whopping sum of fake drug sales hampers the profit margin of most of the Pharma Industry and also creates a huge human loss to the society. If Pharma Industry starts collaborating with all key actors in its Supply Chain Management (SCM) like Distributors, Wholesaler, Retailer, consumers & including regulators, then we can effectively increase the margins which are being hampered due to counterfeiters. The solution is to bring all these players into the single SCM system. The Blockchain based SCM system will support strong immutable Track and Trace solutions which help the consumer to verify whether they are buying a genuine product or not. The effective system should have a method for transparency, interoperability with an immutable audit trail. In recent years the penetration of online market as increased considerably particularly in the developing nations. It is found that the online e-commerce sites are the big infiltrator of fake drugs or any products.
The same method and process can be adopted by other industries as well, especially by the food Industry because food adulteration is the next big loss to human life and wealth.
Roger Bate’s “Phake” in his eye-opening book on fake drugs, made me think why we should stop and address the fake drug issue immediately. In Phake, the author describes that by having an international convention could increase the visibility of the importance of bad drugs in all countries without dictating paternalistic approaches for the poorer locations.
How fake products Impacts and creates havoc on the people?
Health — Impact of fake drugs:
As per the fakedrugskill.org, malaria kills 1 child every 45 seconds because of fake drugs, which can be cured with genuine drugs. This is a shocking and an eye-opening for many of us. These perpetrators who infiltrate the fake medicines just to make money out of these poor innocent people and child. They are considered to be the worst then the murders. This is just one part of the fake medicine story in case of malarial disease, just imagine the fake medicines havoc in lifesaving drugs prescribed by a physician and by mistake if a patient takes a wrong fake medicine unknowingly!
Along with the effective anti-counterfeit solution, one should also create awareness to the consumers about the fake products especially in both drug and food industry. Bringing awareness among us is very important and it should be taken on priority base at national and international level by the regulators, people, Industries bodies & foundations/non-profit organizations. Let’s fight together and bring an effective system in place.
The technology developed in Blockchain around this for the anti-counterfeit solution should ensure that even a layman should able to understand the importance and usage of the technology in simple means.
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