The sale of fake and counterfeit drugs is a major issue as they are putting patients at higher risk, Niti Aayog CEO Amitabh Kant said Friday.
The Niti Aayog CEO was speaking after signing an agreement with Oracle, Apollo Hospitals and Strides Pharma Sciences to fight battle against fake drug distribution.
According to a recent estimate, the Indian pharmaceutical industry is the third largest in the world in volume, accounting for 10 per cent of the world's production.
A recent report by the World Health Organization estimates 20 per cent of all drugs sold in India are fake.
Also, as the largest producer of generic drugs in the world, India is reported to be the source of 35 percent of all counterfeit drugs sold worldwide.
Speaking at the same event, Oracle India regional managing director Shailender Kumar said with blockchain, every movement of the drug through its supply chain is recorded.
Kumar further said blockchain and Internet of Things (IoT) can play a significant role in ceasing fake drug distribution.
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