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IEEE Releases Findings from First Detailed Study of Blockchain Adoption in the Pharmaceutical Enterprise

IEEE, the world’s largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Standards Association (IEEE-SA), today announced the upcoming publication of a report entitled: The State of Blockchain Adoption on the Pharmaceutical Supply Chain. The independent study, a first-of-its-kind, examines the barriers and perceived benefits of adopting the technology with insights from industry executives currently exploring use cases or testing blockchain in their operations. The study cuts to the core of key protocol and process questions addressing barriers to advancing industry-wide consideration and adoption of the technology.

“This unique study further highlights IEEE’s commitment to better understand the pharmaceutical industry’s concerns with adopting new technologies in their heavily regulated and complex global supply chain operation,” said Tim Mackey, co-chair of the IEEE-SA’s Supply Chain/Clinical Trials Technology Implementation Industry Connections Program. “This formal evaluation of the challenges and benefits of blockchain is a valuable information resource for the IEEE, as well as regulators, technology developers and the industry, that further emphasizes a need for more awareness and education to help build consensus for standards development that advances enterprise adoption.”

The framework for the study originated with common themes unveiled at the first IEEE Pharma Supply Blockchain Forum, which took place on 6 June 2017 on the campus of John Hopkins University in Rockville, MD. Forum attendees included regulators and executives from manufacturers, wholesalers and dispensaries—key partners on the pharmaceutical supply chain—exploring how blockchain can optimize operations and better secure the supply chain to combat the rising epidemic of counterfeit medicine.

The U.S.-based study reached 300 qualified executives familiar with blockchain applications on the pharmaceutical supply chain, and highlights the confidence level of trust amongst trusted partners in an autonomous, decentralized system, as well as exploring the dynamics of finance, data ownership and beneficiaries. The intended purpose of the study is to expose what is needed to increase confidence in the technology and advance its adoption to achieve the desired outcome of securing and optimizing the pharmaceutical supply chain, and ultimately improving upon patient care. More information regarding the study is available on IEEE’s blockchain website . The full report will be available for purchase in October 2017.

IEEE will be hosting a half-day workshop highlighting sections of the report on Day One of the HDA’s (Healthcare Distribution Alliance) 8th Annual Traceability Seminar to be held 8-10 November 2017 at the Renaissance Washington, D.C. Downtown Hotel. See more information and/or register for this workshop.

To learn more about IEEE-SA, visit them on Facebook, follow  on Twitter, connect with them  on LinkedIn or on the Beyond Standards Blog.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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