Pain Point A
According to the World Trade Organization, counterfeit or fake medicines account for 10% of the pharmaceutical market and nearly 30% of them come from developing countries, which poses a serious threat to health and safety. Every year, the pharmaceutical industry loses as much as $200 billion to counterfeit drugs.
Pain Point B
For certain medications that have to be transported at a certain temperature like vaccines, UCOT’s smart IoT devices can report and monitor environmental conditions — location, temperature, humidity, air pressure — to ensure that the medicine was shipped in optimal conditions to guarantee quality.
UCOT’s ecosystem is powered by the latest 5G, IoT and blockchain technologies. It can trace the medicine’s supply chain journey from production to patient using our smart IoT device. The manufacturer can track the progress of the shipping process in real-time or be automatically alerted if certain conditions are met. The patient can scan our NFC tag and see whether the medicine is genuine, if it was stored at an acceptable temperature and if the medicine’s packaging has been tampered with. This will ensure data integrity, reduce errors and increase trust between healthcare providers and patients.