Blockchain Technology to Tackle Counterfeit Medicines in Nigeria
In a bid to combat the rising threat of counterfeit medicines in Nigeria’s pharmaceutical sector, experts highlight the adoption of blockchain technology as a game-changer.
CEO of Hyperspace Technologies, Oluseyi Akindeinde, asserts that blockchain will play a pivotal role in securing pharmaceutical products through serialization and verifiable security features.
Akindeinde explains that the integration of encrypted non-fungible token (NFT) tags into pharmaceutical products will create unique identities, enhancing security.
“These NFTs protect information with special codes, ensuring only authorized individuals with the correct code can access details, fortifying digital assets on the blockchain.
“The magnitude of the counterfeit drug issue is underscored by Goldstein Market Intelligence’s forecast, estimating a staggering $5.3 billion impact on the pharmaceutical sector this year”.
The National Agency for Food and Drug Administration and Control recently destroyed over N500 million worth of fake and expired drugs in Abuja, including psychoactive substances and controlled drugs seized from hawkers.
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The United Nations reports that substandard drugs in sub-Saharan Africa contribute to 500,000 deaths annually.
Notably, fake antimalarial drugs account for 267,000 deaths, while substandard antibiotics for severe pneumonia lead to 169,271 deaths.
Hyperspace Technologies’ CEO emphasizes the role of smart contracts on the blockchain, describing them as unchangeable lines of code.
“Each pharmaceutical product receives a unique identification tag within a smart contract, making manipulation impossible. Customers can easily verify product authenticity by scanning with smartphones, presenting a promising avenue to significantly reduce the risk of counterfeit drugs”.
Adewale Kayode, Director and Team Lead at Sirfitech, adds that blockchain offers authentication and transparency across the entire supply chain, from raw materials to manufacturing.
He envisions a decentralized identity (DiD) accessed via a web3 wallet, creating a barcode that, when scanned, instantly indicates the drug’s authenticity without revealing sensitive data.
“Blockchain technology, with its ability to provide a secure and transparent framework, emerges as a crucial tool in safeguarding the integrity of pharmaceutical products, combating the devastating consequences of counterfeit drugs on both lives and the industry”, He Concluded.
