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BLOCKCHAIN-BASED SUPPLY CHAIN FINANCE IN THE PHARMACEUTICAL INDUSTRY: A COMPARATIVE ANALYSIS.
Abstract:
The pharmaceutical industry plays a critical role in ensuring the availability and accessibility of essential medicines to individuals worldwide. However, the complex and global nature of pharmaceutical supply chains presents significant challenges, including inefficiencies, lack of transparency, and counterfeiting risks. To address these issues, blockchain technology has emerged as a promising solution due to its potential to enhance supply chain visibility, traceability, and security. This comparative analysis aims to evaluate the application of blockchain-based supply chain finance in the pharmaceutical industry.
This study compares traditional supply chain finance systems with blockchain-based alternatives, highlighting their respective advantages and limitations. It examines the implementation of blockchain technology in the pharmaceutical supply chain finance processes such as procurement, inventory management, logistics, and payment reconciliation. Additionally, the analysis assesses the impact of blockchain on key stakeholders, including pharmaceutical manufacturers, distributors, retailers, and financial institutions.
The research methodology involves a comprehensive review of existing literature, case studies, and empirical data to gather insights into the adoption and benefits of blockchain-based supply chain finance. The comparative analysis considers factors such as cost-effectiveness, efficiency gains, data security, trust-building, and regulatory compliance.
Preliminary findings suggest that blockchain-based supply chain finance can address many of the challenges faced by the pharmaceutical industry. By leveraging decentralized ledger technology, stakeholders can achieve real-time tracking of products, secure data sharing, and improved auditability. Moreover, the use of smart contracts enables automated and transparent payment processes, reducing fraud risks and enhancing financial inclusion.
However, this study also identifies potential barriers to implementation, including technological hurdles, interoperability issues, and resistance to change from traditional supply chain finance systems. Furthermore, regulatory frameworks and data privacy concerns must be addressed to ensure legal compliance and protect sensitive information.
The comparative analysis aims to provide valuable insights into the benefits, challenges, and future prospects of blockchain-based supply chain finance in the pharmaceutical industry. The findings will contribute to the growing body of knowledge in this field and assist industry stakeholders, policymakers, and researchers in making informed decisions regarding the adoption and integration of blockchain technology.
BLOCKCHAIN-BASED SUPPLY CHAIN FINANCE IN THE PHARMACEUTICAL INDUSTRY: A COMPARATIVE ANALYSIS. GET MORE MASTERS COMPUTER SCIENCE
