The COVID-19 2020 crisis has put an added unprecedented strain on the global medical supply chain. Millions of people around the world have died because they didn’t have timely access to safe and affordable medicines, vaccines, and other health services. There have been widespread reports of fraudulent production and fraudulent claims of PPE and other critical supplies across the chain.
The medical supply chain is long, costly & multilayered, resulting in a lack of communication, transparency and trust between supply and demand. There are risks that products may not arrive in the right condition at the right locations at the right time.
The current situation is really a broader story about weak supply risk management and lack of governance and integration across the supply chain.
According to the WHO, it is estimated that up to $200 billion worth of counterfeit pharmaceutical products are sold globally every year and 50% of these drugs are purchased online. There are counterfeit medicine cases in every part of the world. Interpol officer Aline Plançon says “there is a flow of products coming from everywhere and going to everywhere, there are so many hubs."
The FDA’s Drug Supply Chain Security Act, part of the Drug Quality and Security Act, was first implemented in 2015 and sets drug and pharmaceutical product tracing, verification and identification requirements and implementation benchmarks that will roll out through 2023.
Similarly, the E.U. is putting the Falsified Medicines Directive (FMD) into action by 2019, requiring drug companies to adopt mass serialization, which encodes drug packages with a unique identifier, like a scannable barcode, serial number or radio frequency identification (RFID) coding, allowing for easy tracking by companies and regulators.
What it does
GMedChain is here to solve the medical supplies and medication shortages and fraud problems with our blockchain supply chain solutions to improve trust, efficiency, and transparency of the healthcare supply chain system.
By integrating Blockchain technology & IoT into the healthcare supply chain ecosystem, we are developing a fully transparent and decentralized platform offering safer, more efficient ways to connect with all medical supply chain stakeholders as well as to track and trace medical supplies.
Our solution provides product authentication to prevent counterfeit vaccines, cold chain monitoring management with real-time data, and advanced analytics to respond quickly and intelligently to market disruptions.
It can track and manage resources at the ecosystem level, which provides greater accuracy and better forecasts, reducing waste and preventing stock-outs, supply-side shortages, delivery time variability, and supply-chain disruptions. Especially in developing countries where no efficient system is in place, and the combination of infrastructure issues could create supply chain dysfunction.
How I built it
React UI & Baseline/Corda Blockchain platform
Challenges I ran into
Accomplishments that I'm proud of
We already have two venders that are willing to use our platform.
What I learned
According to the WHO, it is estimated that up to $200 billion worth of counterfeit pharmaceutical products are sold globally every year and 50% of these drugs are purchased online.
According to OECD estimates, up to US$2 trillion of procurement costs could be lost to corruption.
What's next for GMEDCHAIN
Within the health care field specifically, the goal of supply-chain management is to guarantee the availability of the products needed to treat patients.
The ability to track and manage resources at the ecosystem level can provide greater accuracy and better forecasts on medications and medical supplies, reducing waste from expired and damaged goods, preventing stock-outs, supply-side shortages, delivery time variability, supply-chain disruptions due to natural disasters, political unrest, and many other causes. Its Traceability enhances product safety & inventory allocation.
Blockchain is an enabling technology, which is most effective when coupled with other next-generation technologies such as the IoT, robotic cognitive automation, or smart devices. The whole ecosystem can be useful in understanding which products led to successful patient outcomes, projecting future programmatic and budgetary needs, protecting against corruption, and ultimately allowing for an increase in the number of patients served.
It is especially needed in developing countries where no efficient supply chain system is in place and the combination of infrastructure issues could create supply chain dysfunction.