It is always good to see when the villains get their wages. I was pleased that the Mexican drug lord Joaquín ‘El Chapo’ Guzmán was convicted and that he would probably spend the rest of his life in prison.
But what really amazed me was the insane amount of money he put up with the sale of illegal drugs. No one knows the exact amount, but most bids exceed $ 10 billion.
10 billion may seem like a real coin to you here. So you would probably be surprised that the market for falsified medicines is bigger than the market for illegal drugs, which made El Chapo so rich.
The US National Institutes of Health estimates that a $ 1,000 investment in counterfeit drugs is worth $ 30,000. This means that counterfeit medicines can earn 10 times more than heroin!
According to PricewaterhouseCoopers, it was 2018. The market value of falsified medicines in 2007 was 217 billion.
$ 217 billion!
Counterfeit medicines not only make criminals rich, they also kill people. The WHO estimates that more than 1 million people worldwide die from counterfeit medicines worldwide.
More than 30% of these counterfeit medicines do not contain any active ingredients, which makes them useless. But a great deal is spoiled by dangerous chemicals, which often make a person’s health worse rather than better.
It is clear that this is an extremely serious problem. So far, however, fighting with counterfeiters has proved impossible.
But the good news is that some very bright heads are working tirelessly to solve this deadly, multi-billion-dollar problem. And whoever comes up with a way to get counterfeit drugs off the market is making a real Wealth.
Guess now? The solution is near and it comes from the block circuit; technology that runs cryptocurrencies like Bitcoin.
The block chain creates a public record from each part of the supply chain that cannot be changed.
Think about it for a moment. This technology allows you to track the route of each drug from the initial components.
Every part of the supply chain is virtually discoverable – instantly. That is why the bloc chain is becoming such a powerful weapon in the war on counterfeit medicines.
Large pharmaceutical companies are twisting themselves to implement blockchain technology in their supply chains. Many have already spent billions of dollars finding a solution.
In addition, pharmaceutical manufacturers are running out of time to secure their supply chains.
2013. In the United States, the United States came up with the Drug Supply Chain Security Act (DSCSA) to try to control the wild counterfeit drug market.
The act requires pharmaceutical companies to be able to electronically monitor the entire supply chain of their medicines and find the information they need. This means that the whole journey must be covered: from the initial components to the processing, from intermediaries to the consumer.
And it must happen in 2023. for the year.
The US Food and Drug Administration (FDA) is even ready to show pharmaceutical companies how to secure their supply chain. They have set up a number of blockchain pilot programs to help monitor and control medicines.
In fact, the FDA is so convinced that the blockchain is the solution that they recently hired Frank Yiannas as the Deputy Commissioner for Food Policy and Management. Yiannas has led Walmart’s food safety business for the past ten years, and Walmart is a key partner in IBM’s Food Association bloc chain initiatives.
Read also: Walmart’s full contribution: the blockchain will take control of its global supply chain
FDA Commissioner Scott Gottlieb made the following statement:
“As part of our ongoing efforts to protect our country’s pharmaceutical industry, we are giving our industry the opportunity to test new technologies today. These tools can help us introduce stronger accountability to all parties in the supply chain and increase our ability to monitor medicines throughout their distribution chain.”
In other words, the block chain is the only solution. The blockchain provides public and unaltered storage of every part of the supply chain and is thus the most powerful weapon available to combat counterfeit medicines.
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Translation: Lucreds Plus OÜ