Counterfeit drugs: Experts urge adoption of blockchain technology
The CEO of Hyperspace Technologies, Oluseyi Akindeinde, has urged the adoption of blockchain technology to address the issue of counterfeit medicines plaguing Nigeria’s pharmaceutical sector.
Akindeinde emphasized that blockchain could enable the serialization of pharmaceutical products and the implementation of security features that are verifiable through product scanning.
According to him, pharmaceutical products could be protected by using encrypted unique token tags which will be integrated into the products to create unique identities.
In a similar vein, the Director and Team Lead at Sirfitech, Adewale Kayode, also noted that blockchain provides authentication and transparency.
“The entire process of the supply chain can be captured in the blockchain – the name, the identity number, the laboratory, the registered number, expiry date, manufacturing date and every single data that is necessary.
“Then use this data to create a DiD (Decentralised Identity) accessed via a web3 wallet. At the end of the day, what you will have is a barcode that you can scan with any compatible web3 wallet. Its job is to tell you if it is fake or authentic without revealing the actual data of the drug.” Kayode said.
Encrypting an NFT involves safeguarding information using a unique code, ensuring that only authorized individuals with the correct code can access details such as ownership and attached data. This enhances the security of digital assets on the blockchain.
Akindeinde further explained that on the blockchain there are entities known as smart contracts, which are like unchangeable lines of code.
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According to him, each product receives a unique identification tag that’s affixed to the product’s packaging within a smart contract, which makes it impossible to manipulate.
“It offers a straightforward way for customers to verify the authenticity of products by scanning them with their smartphones. This technology has the potential to significantly reduce the risk of counterfeit drugs in the pharmaceutical industry,” he said.
He noted that fake drugs not only endanger lives but also undermine the integrity of the entire industry.
The menace of fake drugs remains one of the biggest problems in the pharmaceutical sector in Nigeria. According to the Goldstein Market Intelligence analyst forecast, it is estimated to hit about $5.3bn this year.
The National Agency for Food and Drug Administration and Control announced that it recently destroyed fake and expired goods worth over N500m in Abuja.
The regulator explained that some destroyed drugs were made up of psychoactive and controlled drugs like antibiotics, antihypertensives, antimalarials, herbal snuff, herbal remedies, and drugs seized from drug hawkers.
According to the United Nations, substandard drugs lead to 500,000 deaths annually in sub-Saharan Africa. Of those, 267,000 were linked to fake antimalarial drugs, and 169,271 deaths resulted from substandard antibiotics for severe pneumonia.
Punch/Chidimma Gold
