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SAP’s New Blockchain Project Helps Weed Out Counterfeit Drugs

2/24/2019

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SAP has launched a blockchain-based supply chain tracking system to allow drug wholesalers to authenticate pharmaceutical packaging returned by pharmacies and hospitals. That should help them weed out counterfeit drugs from their supply chain.

SAP says it hopes to eventually expand the use of distributed ledger technology to cover a broader range of pharmaceutical supply chain processes.

According to the company, its blockchain-based solution helps customers comply with the US Drug Supply Chain Security Act (DSCSA), which establishes that as of November 2019, wholesalers must verify prescription drugs that are returned and intended for resale. This piece of legislation is tasked with protecting consumers from contaminated, stolen or fake medication.

Counterfeit drugs are a significant problem in the pharmaceutical industry. Research releasedby the World Health Organization in 2017 found that an estimated 1 in 10 medical products circulating in low-and-middle-income countries was either substandard or fake.

In the US, wholesalers encounter almost 60 million returns a year, accounting for an estimated $7 billion.
With the new software, customers can verify the product code, lot, expiration date and a unique serial number which is embedded in the barcode against manufacturers’ data stored in the blockchain.

It’s worth noting that the software was co-developed with other well-known pharmaceutical companies including Boehringer Ingelheim AG & Co. KG, GlaxoSmithKline plc and Merck Sharp & Dohme.

The news comes after SAP announced two industry consortia within the SAP Blockchain Consortium program in the fall of last year, but this is not the first time blockchain technology has been leveraged in a bid to fight counterfeit goods in the healthcare industry. In fact, Merck was looking to patentblockchain-based technology to bring greater transparency to the supply chain in June 2018.
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An immutable ledger such as blockchain would prove useful in the healthcare industry, so, it’s likely we’ll see similar projects launching soon.
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    Rick Richardson, CPA, CITP, CGMA

    Rick is the editor of the weekly newsletter, Technology This Week. You can subscribe to it by visiting the website.

    Rick is also the Managing Partner of Richardson Media & Technologies, LLC. Prior to forming his current company, he had a 28-year career in technology with Ernst & Young, the last twelve years of which he served as National Director of Technology.

    Mr. Richardson has been named to the "Technology 100"- the annual honors list of the 100 key achievers in technology in America. He has also been honored by the American Institute of CPAs with two Lifetime Achievement awards and a Special Career Recognition Award for his contributions to the profession in the field of technology.

    In 2012, Rick was inducted into the Accounting Hall of Fame by CPA Practice Advisor Magazine. He has also been named to the 100 most influential individuals in the accounting profession in America by Accounting Today magazine.

    In 2017, Rick was inducted as a Marquis Who’s Who Lifetime Achiever, a registry of professionals who have excelled in their fields for many years and achieved greatness in their industry.

    He is a sought after speaker around the world, providing his annual forecast of future technology trends to thousands of business executives, professionals, community leaders, educators and students.

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