Blockchain Implementation in Indian Pharmaceutical Supply Chain Diminish Counterfeit Product

Abstract

The pharmaceutical counterfeit product problem has become a harmful problem for people in India and has drawn significant attention from everyone. It is very crucial for healthcare and daily life. The pharmaceutical industry and its supply chain are humongous and complex in management. The pharmaceutical industry and its supply chain are massive and complex in direction. It is very crucial for healthcare and daily life. Indian Pharmaceutical is the world's 3rd largest by volume and 14th largest in value. Not only is it complex, but it is inherent with the challenges like lack of transparency, traceability, security trust, and risk of counterfeit drugs. Forgery of pharmaceutical goods could be highly profitable. During globalization, the growth of online pharmacies and fraud cases are significantly increasing, leading to high death rates. Although there have been many studies on blockchain adoption in pharma supply chain management globally, it has been seen studies do not entirely investigate highlights. The advantages of blockchain enablers in pharmaceutical industries within India benefit the supply chain management performance. Therefore, this study bridges the research gap and analysis the enabler of the Blockchain technology and its adoption to have a sustainable supply chain. The study sheds light on how blockchain technology reduces the risks at each segment of the supply chain nodes. In addition, it also makes recommendations for deploying smart contracts in the pharmaceutical sector, which helps detect counterfeit goods to improve supply chain performance.