The Prospects for the Use of Digital Technology “Blockchain” in the Pharmaceutical Market

Abstract

The development of information technology in the modern economy is one of the drivers of economic growth. Digital technologies are developing at an accelerating pace. Digitalization stimulates not only economic, but also social and technological progress. The impact of digital technology in different industries is not the same. The authors of the article consider such promising modern technology as Blockchain. Its advantage is that the information is protected from unauthorized modification. This transforms the system of economic relations. The level of trust increases. Opportunistic behaviour of participants in contractual relations is blocked. As a result, economic efficiency improves. These positive effects are analyzed in the case of the pharmaceutical industry. The introduction of Blockchain technologies into pharmaceuticals allows you to track all stages of production of drugs and guarantee their quality. Blockchain technology allows you to confirm the authenticity of recipes and the drugs with the help of special digital devices. The consequence of this is a reduction in the number of counterfeit drugs on the market, as well as improving the quality of medical care for the population.