A NEW SMART BL;OCKCHAIN
Apr 20, 2024
Intro of the news
Intro of the news
Blockchain technology is increasingly being recognized as a powerful tool in the fight against counterfeit drugs in Nigeria’s markets, which have long been plagued by the circulation of fake medications. By integrating blockchain solutions into the pharmaceutical supply chain, Nigeria is taking significant steps towards ensuring authenticity and safety in its drug distribution system. Blockchain’s immutable ledger provides an efficient and transparent way to track drugs from manufacturers to distributors and ultimately to consumers, preventing the infiltration of counterfeit products.
Key innovations include unique identification codes embedded in packaging, which allow consumers and healthcare professionals to verify the legitimacy of drugs by scanning them via mobile apps or blockchain platforms. This process enhances consumer confidence and empowers individuals to make informed choices. Additionally, the National Agency for Food and Drug Administration and Control (NAFDAC) is exploring the use of blockchain to further strengthen regulatory measures, ensuring compliance and improving the overall safety of the drug market.
What is Trade Finance?
Enhanced Drug Traceability: Blockchain enables the tracking of pharmaceutical products from manufacturing to distribution, ensuring that consumers receive authentic medications.
Consumer Verification: Through blockchain-based systems, consumers can verify the authenticity of medications by scanning unique codes, reducing the risk of purchasing counterfeit drugs.
Regulatory Support: The National Agency for Food and Drug Administration and Control (NAFDAC) has recognized the potential of blockchain in combating counterfeit drugs and is exploring its adoption to enhance drug traceability and authenticity verification.
“ Blockchain's decentralized and immutable nature allows for real-time tracking and reduced risks of fraud, streamlining processes like document verification and cross-border payments. ”
Miranda H. Halim
Collaborations between blockchain technology firms and pharmaceutical companies are creating a secure, transparent network where every transaction is recorded on a distributed ledger. This collaboration not only helps to combat counterfeit drugs but also boosts the broader healthcare sector by facilitating better inventory management, reducing drug shortages, and ensuring timely deliveries. As these efforts expand, blockchain is set to play a pivotal role in creating a more reliable and transparent pharmaceutical ecosystem in Nigeria.
