"Combating Counterfeit Drugs: The Promise of Blockchain technology

and Physical NFTs in the Pharmaceutical Industry"

The World Health Organization estimates that up to 1% of medicines in
industrialized nations and up to 10% globally may be fake, which is a
significant worry in the pharmaceutical sector. This number is
significantly higher in certain developing nations, with estimates reaching
50%. In addition to endangering the health and lives of patients, these
fake medications also damage the reputation of the whole
pharmaceutical sector.

The industry must work together to resolve this problem and ensure the
safety and veracity of pharmaceuticals. The use of physical non-fungible
tokens (NFTs) in conjunction with blockchain technology could be a
solution to this issue.

By utilizing the benefits of this cutting-edge technology, the

pharmaceutical industry can create a secure and transparent drug
supply chain that reduces the possibility of illegal drugs entering the
market. Physical NFTs with Blockchain's decentralized ledger produce a
tamper-proof system that tracks a drug's travel step by step. This makes
it simpler to see possible bottlenecks and cuts down on the time and
expense involved with conventional supply chain management because
it enables real-time tracking and verification of medications along the
supply chain. Additionally, by employing a distinct, digital identity that is
physically affixed to the medicine itself, physical NFTs offers a practical
approach to confirming the legitimacy of drugs. This not only lowers the
chance of receiving fake medications but also improves the supply
chain's efficiency and openness.

In conclusion, the pharmaceutical industry has the potential to change

how medications are tracked and confirmed across the supply chain
through the usage of physical NFTs and blockchain technology. The
pharmaceutical industry must embrace this cutting-edge technology in
order to protect the health and lives of patients and build a brighter
future for the industry as a whole, by establishing a secure and open
drug supply chain

By ,
Sai Teja,
Eshwar,
sanjay.