MSRvantage, IT Services subsidiary of MSRcosmos Group, U.S.-based multinational conglomerate enables blockchain based product serialization solutions for the pharmaceutical industry. This offering aims at enhancing security for medicine brands and consumers both by providing a complete and transparent overview of the products’ journey to fight fraud and counterfeit.
“With our next gen blockchain solution and pharma services experience, companies can make their brand name synonymous with trust and authentic medicines.” Said Mr. Balaji Kandregula, Vice President, MSRvantage. In the past, the industry has witnessed pharmaceutical products lose out to market-circulating bogus goods and treatments. Companies have long battled to remove them from the market in order to protect potential and crucial patients. Not only is a brand’s image and reputation at risk, but it’s also possible that one of the raw materials used to create a specific product does not meet industry standards, necessitating the recall of all the medicines. To limit loss and ensure that faulty products don’t reach the final consumer, these issues must be handled quickly and properly.
“The step was to implement pharma product serialization. It’s a method in which product packaging are assigned a unique code. The code is defined according to the country’s regulation and follows the industry standard.” said Mr. Kandregula. For further protection and safety, the code is visible on both the primary and secondary packaging of the products. Quality Control (QC) and Quality Assurance (QA) are implemented effectively and efficiently since pharmaceutical companies have a long list of laws and regulations to check off and to ensure that risk is reduced. They must ensure that the funds and resources are utilized effectively. All network participants may see where and in what condition the merchandise is because blockchain provides information over a shared network with distributed systems.
Because each product has a unique serial number, it is simple to trace them. This implies that faulty products may be quickly recalled and false products can be quickly removed from the market. A product’s manufacturing process, location in the supply chain, and delivery status can all be fully transparent through. The solutions from MSRvantage offer real-time data traceability based on 24-hour tracking.
Blockchain-based smart contracts ensure that there are no middlemen, which restricts the ability of phony goods to enter the market. By connecting operations with identification labeling and authentication systems, blockchain also offers protection.
