NITI Aayog in India Partners with Oracle to manage counterfeit drugs using blockchain technology
The global collaborations between NITI Aayog and Oracle aim to track drugs made in the country efficiently.
Counterfeit drugs have become a significant problem in India. NITI Aayog which is the premier policy institute of Government of India collaborated with Oracle. Oracle is a globally leading cloud network. The super speciality hospital Apollo hospitals and Strides Pharma, the leading global manufacturer of pharmaceutical products are also a part of it. This big collaboration aims to bring transparency to the pharmaceutical sector. Its main motive is to effectively and efficiently track all the drugs made in the country.
After the agreement of the stakeholders and all the companies involved, the contract was signed. Anna Roy, advisor(industry) of NITI Aayog, Amitabh Kant, CEO-NITI Ayog, Shailendra Kumar, regional managing director of Oracle India, Sangita Reddy- joint managing director of Apollo hospitals signed the document.
India has been the third largest manufacturer as well as exporter of generic vaccines and drugs all around the world. But, for about 20% of the drugs sold in India are not original.
With the help of IoT and blockchain, NITI Ayog is trying to bring a difference.
Oracle has a very strong software. The software will help in recording all the medicines manufactured within the country. It will further make sure that the data does not get deleted at any cost. The software will be recording the serial numbers, labels and other important elements of the drug. Every movement of medicine, from manufactures to lodgers, stock to the pharmacy, retail store to the consumer, will be recorded here. All of this recording process will ensure that no fake drugs are circulated.
In cases when the software detects a fake drug, it will immediately notify the concerned system. Another extended feature of the software is that its critical information like the chemical ingredients can be stored. Pharmaceuticals can also maintain tracks relating to the temperature required to preserve drugs.
Fake drugs have been a major problem. It is not only making the Indian pharmacy industry spend billions. But, it is also risky for the patients within the country. So, this important collaboration ensures that all manufacturing units and medical experts have access to modern technology. It will help them manufacture standard drugs, as a result of which fake drugs will be easy to eliminate.
World Health Organizations (WHO) carried out research recently. India is said to be the source for approximately 35% of the counterfeit drugs all around the world. India is the largest producer of generic medicine, also shares a great portion of fake drugs.
It seems possible because of the strong blockchain network. Since the entire supply chain will be recorded and verified at every stage, tampering of fake drugs will be difficult. A secure transferring of information to all the levels is the major advantage of a blockchain network.
Image credit: www.pixabay.de