Red Data Blockchain takes a step towards eradicating counterfeit medicine from India
Post-COVID 19 Pandemic, Health care, and pharmaceuticals sector will not lose its bloom within a decade or two like others got a vital hit by this pandemic. Both sectors have to stand stronger in fintech.
Technologies always evolve and the health care sector has always purge to improve its quality and evaluation. We are introducing a product that can solve the current issues in the health care and pharmaceutical sector that’s the combination of blockchain and healthcare.
Amal Thomas and Satyam Tiwari, two medical students & tech-entrepreneurs in the love of humanity developed a game-changer product named it Red Data Blockchain, India’s fully blockchain-based E-pharmacy and medical data storage platform which ensures secure and immutable data storage. Red Data Blockchain application firmly claims to detect counterfeit drugs and the entire supply chain mechanism which enables everyone to get access to the source to the medicines they consume in their daily life.
They develop a system which can clean up, and improve the standards of medicine production, this application stores data, and transfer to the pharmaceutical sectors, and then track the supply chain of medicine. This process can prevent counterfeit drugs & improve the standards of medicine delivery and online consultations. In developing countries production of counterfeit drugs comprises between 10-30% of production which makes it a billion-dollar business. Every year around 1 million people die and some of them got severely ill due to the consequences of those harmful fatal drugs.
Blockchain for drugs can improve drug traceability. Manufacture, supplier, OTC (Over the Counter), and consumers can be a part of Red Data Blockchain. Using the Red Data Blockchain people would able to verify a medicine within less than a second just by scanning the QR code and get information about the manufacturer, source, composition, dates of manufacture and expiry, and details of the diagnosis-related. So this data can be publically accessible and doesn’t require any legal formalities as per my contradiction.
RDB (Red Data Blockchain) will be saving a lot of overheads, A physical store end up increasing overheads and need to sell medicines at MRP or just at 5% discount on MRP. However, by setting up an online portal or Tele Sales Setup (One time cost) employ staff and now procure from the same manufacturer by bypassing some levels of the supply chain but accommodate all the population through just one shop at the cost of 5 physical stores. You will end up saving a lot of overheads. Sometimes profit margins in the medicine industry range from 5% — 50% and in some cases, it is even less or equal to 100%
On the other hand investments in the fast and safe supply chain in RBD (Red Data Blockchain) Hubs and franchises for faster delivery and which can even create employment in the delivery section too.
RDB procures from the same manufacturers and sells to the customers at discounted rates thereby sharing with them some tiny portion of its savings in overheads. Socially It allows the most authentic data of diseases/infections spread in different locations, its timings, and medical treatment is given to people in those localities.
Disclaimer: This is a company press release. No HT journalist was involved in the creation of this content.