In order to fight the growing problem of counterfeit drugs in India, NITI Aayog and Oracle signed a Statement of Intent (SoI) to pilot a real drug supply-chain using blockchain distributed ledger and Internet of Things (IoT) software. Apollo Hospitals and Strides Pharma Sciences will partner in this effort.
The SoI was signed by Adviser NITI Aayog, Ms. Anna Roy and Regional Managing Director of Oracle India, Shailender Kumar, in the presence of CEO of NITI Aayog, Shri. Amitabh Kant; Joint MD Apollo Hospitals Group, Ms. Sangita Reddy along with senior officials of all partnering organizations.
Amitabh Kant, CEO, NITI Aayog, said “The problem of fake and counterfeit drugs is a major issue, costing the Indian pharma industry billions. At the same time, it’s putting patients at higher risk. This agreement with Oracle and our partnership with Apollo Hospitals and Strides Pharma will help ensure that Indian drug manufacturers and healthcare experts have access to a standards-based, modern technology platform – blockchain and IoT, to help eliminate fake drug distribution.”
The major advantages of blockchain software will be its ability to allow the sharing of information across the drug supply chain securely with every exchange of information getting recorded, inability to tamper with any record of the drug movement and inability to delete any records so there can be no dispute if an offender is caught.