Fighting against Counterfeit Drugs
According to the World Trade Organization, counterfeit drugs 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. The value of the black market for counterfeit drugs is estimated to be about $200 billion, making it the largest sector in the black market.
Drug Safety in the Supply Chain
Drugs require strict conditions for storage. The current status quo makes it hard to monitor if these conditions have been met during the supply chain process. It is crucial to solve this pain point otherwise we are seriously compromising the patient’s safety.
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 devices. These 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. The manufacturer can track the progress of the shipping process in real-time or be automatically alerted if certain conditions or procedures have been breached. The patient can scan our NFC tag on the label of each product unit to 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.