Med Track & Trace
Combating 30 - 50% counterfeit drugs and saving 100 Million lives via Blockchain & IoT innovation
Problems with Drug supply chain today?
With so many points of entry and no robust or secure system in place to track the drug supply chain, poses a big challenge. The impediments to the current supply chain system can be anything like:
- Absence of unified and interoperable labeling and identifications standard
- Siloed, fragmented and opaque supply chain infrastructure. There is no clear way to trace a product’s journey across the supply chain that can reveal the true origin and touch points
- Improper cold chain management and monitoring
- Multiple change of hands, including packaging and logistics provider, as the drugs are handed off between various stages, which could be potential points of entry for spurious drugs
- Different manufacturers adopting different systems. This leads to the need for wholesalers and re-sellers to maintain different types of solutions across their supply chain systems, which can cause a disarray in the data or delivery and ultimate risk to a consumer
The Answer - Blockchain
Blockchain is a decentralised digital ledger that records and transfers data in a fast, secure, and transparent manner. A blockchain based drug supply chain will depend on having all the required entities like the manufacturer, distributors (3PL), and pharmacist or hospital on a trusted network powered by blockchain. A visible supply chain, which includes all stakeholders like suppliers, vendors, distributors and partners, is created when drug bottles are labelled with serial numbers and packages containing these serial numbers are scanned and recorded on the blockchain at every point along its journey from factory to pharmacy.
Additionally, the blockchain can document critical details like location and temperature from IoT devices attached to the packages, making the journey visible to all concerned entities, while greatly reducing the possibility of record tampering. When a product moves through the supply chain passing through various hands, each transaction would be captured, recording a permanent history of the product. Right from the point of manufacture to sale, this system powered by blockchain, will have a digital record of every change of hand. This would enable a way to radically diminish time delays, increased costs, and human error that plague transactions today, and even help find the glitch in the system that allows counterfeit drugs filter in. The supply chain is made transparent, secure, decentralised and verifiable besides plugging loopholes in the supply of authentic medicines and trimming costs involved in detecting faulty areas.
Supply Chains are getting complex & are infused with emerging technologies
Warehouse & autonomous mobile robots are improving productivity using Artificial Intelligence
“Vision Picking” in the warehouse using Augmented Reality improves productivity
Artificial Intelligence & IoT sensors are used in every phase of the supply chain for improved efficiency
Blockchain improves provenance, self governance & transparency via shared ledgers
Medication Track, Trace and Recall with Blockchain and IoT
MedTrace uses Blockchain and Internet of Things sensors to reduce operations cost, predict and mitigate risk, speed the entire supply chain and stay agile to rapidly changing market and business needs. Customers in today's complex Supply Chain demand quality, safety, transparency, agility and speed.
Blockchain and Internet of Things allows us to track drug location and performance, drug journey tracking during the entire Supply Chain; drug authenticity and provenance using Blockchain will help us act quickly in drug recalls.
Drug Blockchain network allows
• All participants have tamper-resistant copy of the ledger
• Participants can easily validate information in the ledger
• Privacy and confidentiality features control who can access what information
• Chaincode / smart contracts enable custom business logic and process automation
• Without blockchain, information flows linearly, making visibility hard for everyone
Drug Track & Trace provides
- Drug journey and life cycle
- Point-of-origin (Provenance)
- Tampering and counterfeiting attempts
- Change of custody / ownership
- Trade Compliance
- Bill of Lading and Customs
- Supplier performance management
- Trade Finance
All of this provides better visibility, transparency, lowers risk and cost and simplifies business to business processes.
Verify authenticity & provenance on Blockchain
- Authenticity & provenance
- Mitigate risk
- Enhance end user safety
- Improve compliance
Track device location in real time
- Device location & performance
- No more missing devices
- No wasted time searching for them
Monitoring & troubleshooting
- Predict device performance issues
- Lower unplanned downtime
- Improve user experience
- Minimize loss of revenue
MedTrace is a Blockchain and Artificial Intelligence technology incubator located in Cambridge, MA, USA. MedTrace provides innovative technology solutions for the Healthcare industries.
MedTrace has been operating for the past six year in Cambridge in the Kendall Square area located right across Massachusetts Institute of Technology Sloan school of Business. MedTrace is the largest Blockchain technology Meetup group in the Boston area with 4000 members and holds community meetings every Thursday evening from 6-PM at the Cambridge Innovation Center located at One Broadway, Cambridge, MA 02142
MedTrace is a subsidiary of AutoBlock