Comprehensive study examined barriers and benefits to adopting blockchain technologies to manage transparency in the supply chain.

IEEE, the Institute of Electrical and Electronics Engineers,  will be publishing a report titled “The State of Blockchain Adoption on the Pharmaceutical Supply Chain.” The study addresses barriers in the industry regarding technology.

According to IEEE, the framework for the study came from common themes revealed at its first IEEE Pharma Supply Blockchain Forum last June, on the campus of John Hopkins University in Rockville, MD. "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.

The U.S.-based study said IEEE, reached 300 qualified executives familiar with blockchain applications in the pharma supply chain. The intended purpose of the study, said the professional group, was to expose what is needed to help companies increase their confidence in blockchain systems and their ability to secure and optimize the pharma supply chain.

“This formal evaluation of the challenges and benefits of blockchain,” said Mackey, “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.”