A scandal involving a vaccine manufacturing company in China has led to cries of blockchain adoption in the pharma industry. The scandal broke out after the State Drug Administration of China acting on a tip-off carried out an investigation on Changsheng Biotechnology and found out that the company had lied on its rabies vaccine production data.
This caused mass uproar after the regulatoty body released a report on its findings. Since then there has been a heated debate in the country over the past one week
Also, there has been a widespread public outcry with the incident drawing criticism both in China and internationally. There are fears that some of the vaccines manufactured by the company may not be safe to administer to children and since the story broke out, the rabies vaccine has been recalled and the company has been asked to stop production.
The Chinese blockchain community hasn’t been left behind and they have been using various social media platforms such as 8btc to offer what they believe can be a permanent solution to such a case – the blockchain technology. By applying the distributed ledger technology, the pharma industry can gain credibility and public trust since every step of the vaccine production and distribution is tracked on an unalterable ledger.
Li Xiaolai is one of the leading crypto investors in China and on Monday he published an insightful article on his WeChat channel arguing that the scandal proves that pharma companies can’t be trusted on their own and vaccine production and distribution has now to be a public affair in the country.
He goes on to emphasizes the need of blockchain adoption in the pharma industry and this will help record every detail of the production and distribution process.
With this kind of scandal, is it the high time the Chinese pharma industry adopts the blockchain technology? Share your thoughts in the comment section below.