How pharma industry is struggling counterfeit vaccines

By OvermindSB | SwissBorg | 30 Mar 2021

Blockchain against COVID-19 Vaccine counterfeits

Pharmaceutical companies (e.g. Astra Zeneca, Pfizer, Moderna, Johnson&Johnson) have initiated the vaccine supply and price battle. Beside of that the urgent need for vaccines give raise to criminal activities in which counterfeits from South Africa and China are traded in the darkweb. Such vaccines traded in messenger services such as telegram and are mostly paid in Bitcoin indicating sellers would like to be unknown[1]. Noteworthy, that these criminal activities also impacting the mass adoption of blockchain technology and delaying an implementation in the daily life. Beside the financial damage to the pharma industry which ranges between mulitiple hundred billion dollars[2], a even more severe risk is given for the user of such fake vaccines. Recently, Interpol has dismantled a huge fake COVID-19 vaccine distribution network [3]. The explotation of the human suffering by criminal ambitions raise the question when blockchain technology will find its way into pharmaceutical industry. In particular the usage of Vechain blockchain technology would ensure a unique identification of each production step within the supply chain. Last year Vechain has started the collaboration with the pharma giant Bayer. In this project Vechain and Bayer are trying to establish a pharma tracing platform in which the as Csecure known system loads a batch number onto the blockchain. This batch number is then related to a specific drug and can be traced back along the whole supply chain. Traceability is provided at different waypoints by using two parameters: 1) user-identification and 2) timestamps paired with the inimitability of the blockchain technology allows the uniquely identification of a drug within the supply chain[4]. Undoubtly, this is good starting point, providing more safety products and might be a door-opener for other pharma companies to cooperate with supply chain management blockchain technology. Beside of many other good project Vechain have, it is the human healthcare and safety which might play a keyrole in the throughout establishment of blockchain technology. The potential for Vechain is given since Bayer remain the last company who wants to ensure a seemlingless traceability of the origin of the product to their customers. In this case blockchain technology would dive deeper in a multi-trillion market (sum of top 20 ranked pharma companies having an overall market capitalisation of $2.353 trillion) [5].

Image Resource: An Adaption from [2]

Update history:

2021-03-30 06:43 UTC+1 : Typographical corrections

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