Blockchain Technology – A Cure for Pharmaceutical Counterfeit (1/2)

Big Data, Bitcoin, blockchain, Blockchain, data, Distributed Ledger Technologie (DLT), Innovation, Inspiring, technology, Trends, Trendwatching

Part I – Current status, Impact on the Industry

The use of Blockchain for the pharmaceutical industry has been speculated and discussed by many different entities and stakeholders for quite some time already. Blockchain is thought to address the burning platforms pressuring the pharmaceutical industry, and to possibly optimize its supply chain operations.

The burning platform in the pharmaceutical industry

The one big burning question in this context is whether the pharmaceutical industry is ever going to embrace the long awaiting digital revolution, or if they are going to bundle their forces in the act to avoid the inevitable? Although pharmaceutical R&D is driven by innovation, this feature is not so much blended into their general activities and operational processes. Already being one of the most conventional and traditional industries, the organizational hierarchy and strong fragmentation of the pharmaceutical industry only further strains the ability of companies to embrace novel technologies, such as Blockchain. Responsibility of patient health and safety carried by the pharmaceutical industry makes stakeholders rather hesitant towards novel technologies and rules out the opportunity of a trial-and-error-like implementation approach of technologies.

Blockchain in pharma, fighting the falsified instead of diseases

Regardless of their ignorance, the pharmaceutical industry has already been confronted with multiple burning platforms. Counterfeit is a continuously increasing problem across the pharmaceutical supply chain, conveying major consequences for patient health and company performance. Counterfeit products either contain a too high or too low concentration of the active ingredient, reducing the clinically proven efficacy of the product. Apart from a deviating dosage, counterfeit products may contain excipients being different from those displayed on the package, which may affect the efficacy of the active ingredient or cause unpredicted side-effects to patients after administration. Although in most cases this may only cause modest discomfort for the patient, in other cases counterfeit products can cause severe adverse events and lead to hospitalization or even lethality in its extreme. It is therefore necessary to eliminate pharmaceutical counterfeit, the sooner the better. To facilitate the pharmaceutical fight of the falsified, governments have enacted serialization regulations, obligating the pharmaceutical industry to make each individual product traceable along the entire supply chain. This allows every stakeholder to, at any given point in the process, confirm the authenticity of the product.

Trust, the challenge & the opportunity 

Circulation of illegitimate pharmaceutical products does not only put patient health and safety at stake, but also has a damaging impact on the business operations of pharmaceutical companies. As long as counterfeit keeps on existing, pharmaceutical companies are not able to assure quality and safety of their products. This has an eroding effect on their reputation as perceived by the patient as well as by other influential stakeholders, such as physicians, specialists, pharmacies, and regulatory bodies.

The inability of pharmaceutical companies to deliver product quality and safety has a direct effect on their revenue.

A decline in trust has a diminishing effect on sales. Additionally, sales of counterfeit products take away the incremental revenue of pharmaceutical companies. Thus, apart from protecting patient safety and product quality, the pharmaceutical industry is in an overwhelming need to safeguard and protect its reputation and revenue.

Curing the pharma counterfeit

Counterfeit products are incredibly difficult to identify by the naked eye, making it complicated to reveal and eliminate these products by human efforts solely. A technological tool with the capacity to enable end-to-end traceability could cure this pain point. Technically, Blockchain has the capacity to completely revolutionize the pharmaceutical industry, its processes, but above all to address the burning platforms and cure counterfeit. Its immutable character makes mutual trust and the need for intermediary parties redundant, while safeguarding secure storage and exchange of sensitive information.

Practically, however, unaligned objectives of industry stakeholders, a lack of trust in the technology itself, and the absence of willingness and often the guts to further explore the opportunities of Blockchain stagnates the utilization of these capacities.

As clearly described in Enterprise Blockchain: Are We There Yet? by Sebastian Wurst (Accenture Strategy, Munich), the unique value and at the same time the challenge is in developing a Blockchain solution that perfectly fits an enterprise setting. The abstractness and technical complexity should be converted into a commercial concept, in order to fully unlock Blockchain’s business value for any industry, and the pharmaceutical industry here in specific.

Blockchain in pharma: No success until mass adoption?

Along the way of praising Blockchain’s potential, we should not forget to touch upon the expected – disruptive – impact of Blockchain on company business models. Given the comparatively low extent of industry digitalization, current business models of pharmaceutical companies do not inherently support the implementation of a highly complex and abstract technology as Blockchain. Although some believe that Blockchain-enabled business models are on the rise, others recognize the need for only small adjustments to be made by the industry to successfully integrate Blockchain in their processes.

The largest adjustment required is said to be targeted at the mindset and core values lived up to by industry stakeholders and employees.

Cooperation, interoperability, and transparency are not naturally fostered by the pharmaceutical industry, being in an almost direct opposition to the core concepts of Blockchain. Additional education on Blockchain would increase the understanding of the technology, and possibly mitigate the risk anticipated to come with implementation. Altogether, the pharmaceutical industry may expect to be confronted with many different challenges along the way to adoption, making the successfulness of Blockchain an uncertain parameter. To address these challenges, it will require strong incentives to encourage and solid recommendations to point the pharmaceutical industry in the right direction and unlock the synergy between business and technology.

Biography

With a background in Pharmaceutical Sciences, Marlou is currently in the last stage of the Master’s program Science and Business Management, pursuing her passion of unlocking the synergy between life science and business. Her ambition is to improve and strengthen the collaborative relationship of life science and business development, through encouraging communication and cooperation between the different fields. After finalizing her graduate internship at Accenture Strategy, The Netherlands, focusing on the potential of Blockchain for the pharmaceutical supply chain, Marlou is starting a PhD in human psychopharmacology at Swinburne University, Melbourne, Australia, striving for the aspired career in the pharmaceutical industry.

 Image sources

Image 1, Wharton: ‘Trying to Recapture the Magic’: The Strategy Behind the Pharma M&A Rush

Blockchain: cryptocurrencies and the limitless other applications of this technology

Bitcoin, Blockchain, Business Model Innovation, Business models, Distributed Ledger Technologie (DLT), Innovation

Today I was asked to present about Blockchain, cryptocurrencies and the limitless other applications of this technology for a group of 60 students.

Are you interested in a key note or workshop as well, let me know via a LinkedIn message or via a comment below this post.

 

Vandaag heb ik gesproken voor een groep van 60 studenten over Blockchain, cryptocurrencies en de vele andere mogelijkheden en toepassingen van deze technologie.

Geinteresseerd in een keynote of workshop, laat het me weten via LinkedIn of in de comments hier beneden en ik neem contact met je op.

What happens with Blockchain in the Dutch government?

bitcoin, Bitcoin, blockchain, Blockchain, Business Model Innovation, Business models, Distributed Ledger Technologie (DLT), Innovation, Inspiring

Are you interested what happens with Blockchain within the Dutch government?

Make sure you look out this 389 pages counting .pdf. In this document called: Results Blockchain pilots june – november 2016 there is a very nice overview on a diversity of Blockchain pilots within the Dutch government.

Verkenningen_Pilots bij Rijksoverheid_Resultaten blockchainpilots jun-nov 2016

Source: DA2020

 

If you want to share your thoughts on Blockchain within the Dutch government you can join our community:

Blockchain voor Overheid

Blochchain: re-organizing productivity as we know it

bitcoin, Bitcoin, blockchain, Blockchain, Business Model Innovation, Business models, Distributed Ledger Technologie (DLT), Innovation, Inspiring

Blochchain is a Distributed Ledger Technology (DLT) which has a huge potential to re-organize productivity as we know it.

Together with Eddie Altenburg, Daan Bunte & Dibran Mulder, I wrote this whitepaper on Blockchain (Dutch) called: “Blockchain, de hype voorbij!”

 

Blockchain is een Distributed Ledger Technology (DLT) welke een enorm potentieel biedt om productiviteit zoals wij het nu kennen te re-organiseren.

Samen met Eddie Altenburg, Daan Bunte & Dibran Mulder,schreef ik het whitepaper:”Blockchain, de hype voorbij!”

Blockchain (government) & Cryptocurrency – meet-up aftermovie

bitcoin, Bitcoin, blockchain, Blockchain, Distributed Ledger Technologie (DLT), Innovation, Inspiring

English: After movie of the event: “Blockchain & (investing wisely in) Cryptocurrency” the first meet-up in the Den Bosch region where Eddie Altenburg, Menno Pietersen and Rick Bouter spoke around the themes: What is Blockchain? What is happening with Blockchain in the Dutch Government? How to invest wisely in cryptocurrency? Bitcoin, Ethereum, WAVES, TenX, Aragon, Litecoin, NEO, ICONOMI and more.

Dutch: After movie van het event: “Blockchain & (verstandig investeren in) Cryptocurrency” de eerste meet-up in regio Den Bosch waar Eddie Altenburg, Menno Pietersen en Rick Bouter een presentatie gaven over: Wat is Blockchain? Wat gebeurt er met Blockchain binnen de overheid en hoe kun je nu verstandig investeren in cryptocurrency? Bitcoin, Ethereum, WAVES, TenX, Aragon, Litecoin, NEO, ICONOMI en meer.

Blockchain & (verstandig investeren in) Cryptocurrency door Eddie Altenburg, Menno Pietersen en Rick Bouter from Rick on Vimeo.

Bitcoin: A Peer-to-Peer Electronic Cash System

bitcoin, Bitcoin, blockchain, Blockchain, Distributed Ledger Technologie (DLT), Innovation, Inspiring

Initial Bitcoin paper by Satoshi Nakamoto

Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they’ll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.

Source: Bitcoin.org

Here is what the 500 million dollar ICO of TON (Telegram Open Network) looks like

bitcoin, Bitcoin, blockchain, Blockchain, Business Model Innovation, Distributed Ledger Technologie (DLT), Innovation

The Telegram Open Network (TON) will be a “third generation” blockchain with more efficient transaction and scaling capabilities than current solutions like Bitcoin and Ethereum

Source: TNW

After movie: Blockchain lead masterclass

bitcoin, Bitcoin, blockchain, Blockchain, Business Model Innovation, Business models, Distributed Ledger Technologie (DLT)

At the end of 2017 I organized and attended the Blockchain lead masterclass given by Paul Bessems. Paul is renowed Blockchain Consultant and founder of Weconet in the Netherlands. Here you can view the aftermovie of this two days full of Blockchain inspiration.

“Blockchain, de hype voorbij!”

Bitcoin, Blockchain, Business Model Innovation, Business models, Caesar, Caesar Experts, digital transformation, Distributed Ledger Technologie (DLT), Innovation

Naar aanleiding van het event: “Blockchain en kansen binnen de overheid” van begin oktober bleven vragen binnenkomen bij Caesar Overheid over Blockchain. Vragen over wat Blockchain en Distributed Ledger Technology zijn. Hoe je tot Blockchain use cases komt, maar ook hoe je van concept naar experimentatie fase gaat. Kortom genoeg vragen om een whitepaper over te schrijven. Om deze reden lanceert Caesar het whitepaper met als titel:

“Blockchain, de hype voorbij!”

In dit whitepaper hopen de schrijvers drie vragen te beantwoorden:

1. Wat is Blockchain?

Hier gaan we in op de technologie Blockchain, wat Digital Ledger Technology is en wat bijvoorbeeld digitaal vertrouwen is. Ook gaan we in op de werking van Blockchain en open en closed Blockchains.

2. Wat gebeurt er binnen de (overheids)markt?

In dit gedeelte geven we een overzicht van pilots welke plaatsvinden binnen de overheid. Hier kijken we naar de huidige situatie van een scenario, de impact en het concept van Blockchain en de waarde ervan.

3. Hoe moeten wij als organisatie nu concreet beginnen?

Hier geven we een aantal concrete tips om aan de slag te gaan met Distributed Ledger Technology (DLT).

Benieuwd hoe ik je kan helpen in het experimenteren en organiseren van Blockchain? Laat het weten in de comments en ik neem contact met je op om de mogelijkheden te bespreken.

Meer weten over Blockchain en wat er gebeurt binnen de overheidsmarkt? In de LinkedIn groep Blockchain Overheid gaan we hierover verder in gesprek.