What is Blockchain in Pharmaceutical Market Scope?
Blockchain is rapidly gaining interest and has been lauded for its wide-ranging applications, largely due to its recent expansion in industries ranging from financial services to utilities to pharmaceutical companies. Blockchain is almost a decade old. Its presence was felt in almost all sectors. It is highly applicable to various use cases ranging from financial services to real estate. The winners here are the companies that use it to improve their processes. The pharmaceutical industry is an important part of the healthcare system. It's a USD 482 billion industry. Without them, there would be no drug development, distribution, or discovery. When we talk about the pharmaceutical sector, we mean these three things: sales, development, and the discovery process. Blockchain solves almost all challenges and problems in the pharmaceutical industry. The blockchain pharmacy can move to a new type of infrastructure when companies start adopting it. Blockchain can modernize the pharmaceutical industry as it introduces three key elements for the privacy, transparency, and traceability of the industry. It will help with the laws, practices, privacy regulations, and global regulations of the industry. It can also help pharmaceuticals track and trace drugs using the blockchain. There are many benefits to using blockchain in the pharmaceutical supply chain. The pharmaceutical supply chain is one of the top concerns of pharmaceutical companies. Blockchain also offers smart contracts. Smart contracts offer the possibility to automate tasks in the blockchain. This is very useful as the smart contracts can execute notifications when the compliance conditions are not met.
The Blockchain in Pharmaceutical market study is being classified by Type (Public, Private and Consortium), by Application (Supply Chain Management, Clinical Data Exchange and Interoperability, Drug Development, Clinical Trials and Others) and major geographies with country level break-up.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Blockchain in Pharmaceutical market throughout the predicted period.
IBM Corporation (United States), AWS (United States), Microsoft Corporation (United States), SAP (Germany), Chronicled (United States), Huawei (China), Doc.AI Inc. (United States), Embleema (United States), Factom Inc. (United States), FarmaTrust (United Kingdom) and Guardtime Federal (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Hashed Health (United States) and Medicalchain (United Kingdom).
Analyst at AMA have segmented the market study of Global Blockchain in Pharmaceutical market by Type, Application and Region.
On the basis of geography, the market of Blockchain in Pharmaceutical has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In March 2019, Embleema, Inc. had signed an agreement for partnership with a leading cancer institute of Europe, Gustave Roussy Institut. The partnership was thereby aimed at building a blockchain-based platform for the purpose of secure exchange of healthcare outcomes and patient data of oncology research, thereby assisting clinical studies.
On June 13, 2019, IBM announced with KPMG, Merck, and Walmart that the companies had been selected by the US Food and Drug Administration (FDA) to participate in a program in support of the US Drug Supply Chain Security Act (DSCSA), which meets requirements to identify, track, and track prescription drugs and vaccines that should be marketed within the United States. The program was designed to assist drug supply chain stakeholders, including the FDA, in developing an electronic, interoperable system to identify and track certain prescription drugs when they are marketed in the United States.
Influencing Market Trend
- The Rapid Economic Expansion of the Pharmaceutical and Healthcare Industries Worldwide
- Increasing Awareness about Blockchain Technology
- The Rising Awareness about the Importance of Blockchain Technology for Systematic Collection
- Enhancement in the Drug Supply Chain Process by Ensuring the Validity and Distribution
- Stringent Regulatory Rules and Regulations Coupled With Increasing Incidence of Data Breach
- Increasing Research and Development Expenditure in Pharmaceutical Industry
- Rising Technological, Transportation and Medical Breakthroughs
- A Dearth of Shared Data Architecture
- Lack of Structured Inter-System Communication Protocol
Key Target AudienceProviders of Blockchain in Pharmaceutical, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others
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