Blockchain technology, with its potential to authenticate and trace pharmaceutical products, is seen as a promising solution to the $5.3 billion counterfeit medicine issue. By integrating encrypted non-fungible token (NFT) tags and smart contracts, blockchain offers a transparent and secure way to combat the circulation of fake drugs, potentially restoring trust and integrity in the pharmaceutical sector. Industry experts express optimism about the transformative impact of blockchain technology in addressing this pressing concern, despite challenges such as regulatory frameworks and industry collaboration.
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