Obligatory Disclaimer: To modify a quote from Tim Ferris, “I am NOT a financial advisor, and none of this advice should be taken without speaking to a qualified professional first. Also, my results [are most likely] due to pure luck and zero skill.” Please note, this is a sponsored post.
Blockchain and cryptocurrency solutions to real-world problems are springing up every day. Real estate purchases are being improved, the entertainment industry is being given back to artists, and now, the pharmaceutical sector is looking to be “blockchained” too.
It’s no real secret that the pharmaceutical industry is in need of some major upgrades. One glaring problem is the $220 billion worth of counterfeit drugs that plague the market.
Due to a lack of transparency and the poor tracking systems of regulatory agencies, the current “raw-ingredient-to-patient” supply chain is outdated and horrifically slow. The transitions from “Company A” to “Company B” make tracking and reporting difficult, because “Company A” may pack supplies into 10 containers all properly labeled, while “Company B” may consolidate those containers into 6 vats, which are also properly labeled.
The current system can thereby create the opportunity for discrepancies in tracking. The result of this problem is a market that is inundated with the “blood diamonds” of pharmaceuticals — counterfeit drugs.
Even the FDA realizes there is a problem with the current system, so their solution was to issue a mandate. Specifically, the Drug Supply Chain Security Act (DSCSA), which was signed into law by President Obama on November 27, 2013. Essentially, this mandate says that all pharmaceutical companies must implement a proper tracking solution to stay in business.
DSCSA requires the full compliance of all pharmaceutical companies by 2024, with inspections and potential fining occurring as early as 2018, but very few of these companies have stepped up to the task. Why? Because the adequate tracking technology the FDA is requiring doesn’t actually exist. Until now.
BlockRx is a blockchain-based series of pharmaceutical initiatives, run by iSolve, a privately owned blockchain solution provider for the Life Sciences Industry. Their goal is to bring the efficiency, transparency, and incentives of crypto-tokens and the blockchain to a legacy system that is in dire need of change.
Right now, there are many different subdivisions of pharmaceuticals that do not communicate with each other at all. Life Science Researchers, BioPharma, Medical Device Manufacturers, and Healthcare Providers are all integral players of the pharma-process, but there is zero communication between them. This is where BlockRx is a huge step up.
Utilizing blockchain technology, BlockRx can assign an identity to each of these providers and incentivize them to participate using BlockRx’s native token, BKRx. This token can also be distributed to patients in exchange for important data that healthcare providers need to properly create new medicine. Patients can then use BKRx to offset the cost of their medicine when they need it.
Using the BKRx token can benefit patients and providers in several different ways. Patient data can be better leveraged, helping providers to understand individual needs. The time to market will be decreased, due to efficiency in data transmission. Regulatory readiness will be much easier to achieve, and operational expenditures can be cut as expensive legacy systems are significantly reformed and improved.
These are just a few of the benefits that a BlockRx blockchain and token-based system will bring to the pharmaceutical sector.
If you’d like to learn more about BlockRx, be sure to check out their website and their whitepaper here. In addition, if you’re interested in supporting BlockRx through their ICO, be sure to get in before October 19th, 11:00 am EST.
As with any ICO, it’s important to do your own research and only invest what you can afford to lose. A great place to start researching is the BlockRx Telegram channel. Feel free to ask questions!
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If you’d like to participate in the BlockRx ICO, the easiest way is getting BTC or ETH with Coinbase. Get $10 of free Bitcoin when you use this link — it’s my referral link — and get started now!
