Singapore-based Zuellig Pharma has built a blockchain-enabled medicine provenance application to eliminate counterfeit products from its supply chain. The company is one of the biggest drug distributors in Asia.
WHO reported that Asia accounts for the
largest share of counterfeit drugs in the world, according to the Pharmaceutical Security Institute (2009). In 2017 the WHO stated that in developing countries, 10% of drugs are substandard or falsified. The global fake pharma market could be as big as $200bn a year,
according to Reuters (2010).
Given the concerns about the legitimacy of drugs in the region, it is logical for Zuellig to turn to blockchain for medicine traceability. Supply chains have many participants, and an investigation into the origin of a drug can take weeks.
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