Indian entrepreneurs and medical students Amal Thomas and Satyam Tiwari have developed the Red Data Blockchain, a decentralized registry of drug data that includes the date of manufacture, the manufacturer’s company, and supply chain details.
Many businesses have suffered significant losses as a result of the coronavirus epidemic, however, the healthcare and pharmaceutical industries have gained momentum and continue to grow rapidly.
However, all over the world, especially in developing countries, the pharmaceutical industry has a number of problems. First of all, this is the clandestine production of low-quality drugs. In developing countries, the share of counterfeit medicines ranges from 10% to 30% of the total. And the result of the activities of unscrupulous businessmen is serious consequences for the health of patients and about 1 million deaths a year.
To solve this problem, which leads to very serious consequences, the Red Data Blockchain was created. The project is a decentralized registry with data on medicines. The developers of the app, Amal Thomas and Satyam Tiwari, claim that using their service, you can easily identify counterfeit medicines by tracking the supply chain, production date and more. To check a drug, it will be enough just to scan the QR code on the package.
Over time, Red Data Blockchain will become a true e-pharmacy, with manufacturers, suppliers, sellers and patients in the community. In addition to information about drugs, the Red Data Blockchain will contain recipes and instructions for taking drugs, symptoms of diseases and other data useful to people.
Additionally, Red Data Blockchain will also help to reduce the final cost of drugs by at least 5%. Thanks to a transparent supply chain, pharmacies will be able to improve their logistics by getting rid of some intermediaries. Thus, lowering operating costs can positively impact the price of medicines for the population, which is another goal of the Red Data Blockchain.