Citation :

Rajesh Munirathnam, 2024. "Blockchain and Data Science in Pharmaceuticals: Enhancing Transparency and Traceability in Drug Supply Chains" ESP International Journal of Advancements in Science & Technology (ESP-IJAST)  Volume 2, Issue 1: 67-81.

Abstract :

The key issues related to supply chain transparency and traceability are among the most crucial and complex for the pharmaceutical industry, especially considering such issues as counterfeits, compliance, and effectiveness. Using blockchain technology is, therefore, the subject of this paper since it can be combined with data science to come up with a reliable solution to these problems. Blockchain offers the technological solution for establishing a securely shared record of all transactions and communications across the concerned supply chain network functional and geographical location, and thus guarantees transparency and data reliability; structured and unstructured data science brings into the process methods and tools that empower efficient and effective or and predictive models that become strategic tools to manage the rising complexity in supply chains. Altogether, these technologies can increase the prospects of drug traceability, increase compliance with the regulations and minimize the threat of counterfeit drug penetration in the supply chain. Potential benefits for reformation through the use of blockchain and data science include increased organizational performance by pharmaceutical companies, the building of consumer trust, and compliance with strict industry regulations. This paper explores the opportunities, risks, and advantages of these technologies in the pharmaceutical supply chain and presents success stories of each of these technologies.

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Keywords :

Blockchain, Data Science, Pharmaceuticals, Drug, Transparency, Traceability, Regulatory Compliance.