Veripharm

From raw material to the patient, Veripharm ensures quality and accountability at every step of the drug supply chain

Comment 2

Veripharm

From raw material to the hands of the patient, Veripharm ensures quality and accountability at every step of the drug supply chain.

Problem

Pharmaceuticals travel through many steps in the supply chain management before they are consumed by the patient.

  • Raw Materials
  • API
  • Manufacturer
  • Wholesaler
  • Pharmacy
  • Consumer

During this chain, many problems could be encountered, such as counterfeiting and delayed recalls.

Solution

Veripharm allows all stakeholders in the supply chain to track their inputs and outputs and write the verification of their work to the Bitcoin blockchain through the Tierion application stack. This provides the ability to trace both directions through the chain.

If any recalls occur using this system, the source of the defects in the manufacturing process can be uncovered and the appropriate people be notified.

If any questions arise around the validity of drugs or materials related to counterfeiting, manufacturers can prove their inputs and outputs were not involved with any nefarious activities.

By leveraging the immutability of the Bitcoin blockchain and verifiability of cryptographic proofs, Veripharm allows the Pharmaceutical industry to save millions of dollars a year in tracing problems through the supply chain.

Next Steps

  • Fully decentralized version for increased confidentiality and availability
  • Add proof of burn for destroyed/consumed drugs
  • Add smart contracts for exchanging prescriptions for prescribed medicine
  • Identify highly scrutinized drug for a proof of concept trial (methadone)

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