IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i8p3102-d1372294.html
   My bibliography  Save this article

Addressing Challenges: Adopting Blockchain Technology in the Pharmaceutical Industry for Enhanced Sustainability

Author

Listed:
  • Tino Riedel

    (Research Team, Chair of Entrepreneurship and Technology Transfer, HHL Leipzig Graduate School of Management, Jahnallee 59, 04109 Leipzig, Germany)

Abstract

The growing importance of sustainability in organizational success, particularly in the pharmaceutical industry, underscores the need for leveraging technologies such as blockchain methods to enhance sustainability indicators across environmental, social, and economic pillars. This study aims to identify and understand the challenges hindering the adoption of blockchain technology in the pharmaceutical sector for improving sustainability performance, addressing two research topics: the specific challenges faced by blockchain adoption in this context and the interdependencies among these challenges. Employing a two-step approach, the study compiles challenges through a literature review, refines them via expert opinions, and establishes their interrelationships using methodologies like fuzzy interpretive structural modeling (FISM) and cross-impact matrix multiplication applied to classification (MICMAC). The research contributes to unraveling the complex relationships and dependencies within the system, providing a structured framework for improved decision making and strategic planning. It fills a literature gap as the first attempt to outline driving and dependent factors related to the challenges of adopting blockchain technology for sustainability enhancement in the pharmaceutical sector, offering insights that can significantly impact brand image, company perception, and consumer value.

Suggested Citation

  • Tino Riedel, 2024. "Addressing Challenges: Adopting Blockchain Technology in the Pharmaceutical Industry for Enhanced Sustainability," Sustainability, MDPI, vol. 16(8), pages 1-29, April.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:8:p:3102-:d:1372294
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/8/3102/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/8/3102/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Deepak Mathivathanan & K. Mathiyazhagan & Nripendra P. Rana & Sangeeta Khorana & Yogesh K. Dwivedi, 2021. "Barriers to the adoption of blockchain technology in business supply chains: a total interpretive structural modelling (TISM) approach," International Journal of Production Research, Taylor & Francis Journals, vol. 59(11), pages 3338-3359, June.
    2. Kannan, Govindan & Pokharel, Shaligram & Sasi Kumar, P., 2009. "A hybrid approach using ISM and fuzzy TOPSIS for the selection of reverse logistics provider," Resources, Conservation & Recycling, Elsevier, vol. 54(1), pages 28-36.
    3. Yongbo Li & Bathrinath Sankaranarayanan & D. Thresh Kumar & Ali Diabat, 2019. "Risks assessment in thermal power plants using ISM methodology," Annals of Operations Research, Springer, vol. 279(1), pages 89-113, August.
    4. Abhijeet Ghadge & Hendrik Wurtmann & Stefan Seuring, 2020. "Managing climate change risks in global supply chains: a review and research agenda," International Journal of Production Research, Taylor & Francis Journals, vol. 58(1), pages 44-64, January.
    5. Sharfuddin Ahmed Khan & Muhammad Shujaat Mubarik & Simonov Kusi‐Sarpong & Himanshu Gupta & Syed Imran Zaman & Mobashar Mubarik, 2022. "Blockchain technologies as enablers of supply chain mapping for sustainable supply chains," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3742-3756, December.
    6. Niloofar Etemadi & Pieter Van Gelder & Fernanda Strozzi, 2021. "An ISM Modeling of Barriers for Blockchain/Distributed Ledger Technology Adoption in Supply Chains towards Cybersecurity," Sustainability, MDPI, vol. 13(9), pages 1-28, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mkedder, Nadjim & Jain, Varsha & Salunke, Parth, 2024. "Determinants of virtual reality stores influencing purchase intention: An interpretive structural modeling approach," Journal of Retailing and Consumer Services, Elsevier, vol. 78(C).
    2. Ayushi Srivastava & Kavya Dashora, 2022. "A Fuzzy ISM approach for modeling electronic traceability in agri-food supply chain in India," Annals of Operations Research, Springer, vol. 315(2), pages 2115-2133, August.
    3. Vimal K.E. K & Sivakumar K & Jayakrishna Kandasamy & Vaibhav Venkat & Raghuraman Srinivasan Mani, 2023. "Barriers to the adoption of digital technologies in a functional circular economy network," Operations Management Research, Springer, vol. 16(3), pages 1541-1561, September.
    4. Regmi, Rupesh & Zhang, Zhuo & Zhang, Hongpeng, 2023. "Entrepreneurship strategy, natural resources management and sustainable performance: A study of an emerging market," Resources Policy, Elsevier, vol. 86(PB).
    5. Chia-Nan Wang & Ngoc-Ai-Thy Nguyen & Thanh-Tuan Dang & Chen-Ming Lu, 2021. "A Compromised Decision-Making Approach to Third-Party Logistics Selection in Sustainable Supply Chain Using Fuzzy AHP and Fuzzy VIKOR Methods," Mathematics, MDPI, vol. 9(8), pages 1-27, April.
    6. Davies, Jennifer & Sharifi, Hossein & Lyons, Andrew & Forster, Rick & Elsayed, Omar Khaled Shokry Mohamed, 2024. "Non-fungible tokens: The missing ingredient for sustainable supply chains in the metaverse age?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 182(C).
    7. Haji Vahabzadeh, Ali & Asiaei, Arash & Zailani, Suhaiza, 2015. "Reprint of “Green decision-making model in reverse logistics using FUZZY-VIKOR method”," Resources, Conservation & Recycling, Elsevier, vol. 104(PB), pages 334-347.
    8. Seyyed-Alireza Radmanesh & Alireza Haji & Omid Fatahi Valilai, 2023. "Blockchain-Based Architecture for a Sustainable Supply Chain in Cloud Architecture," Sustainability, MDPI, vol. 15(11), pages 1-19, June.
    9. T. Sivageerthi & Bathrinath Sankaranarayanan & Syed Mithun Ali & Ali AlArjani & Koppiahraj Karuppiah, 2022. "Modeling Challenges for Improving the Heat Rate Performance in a Thermal Power Plant: Implications for SDGs in Energy Supply Chains," Sustainability, MDPI, vol. 14(8), pages 1-19, April.
    10. Aditi S. Saha & Rakesh D. Raut & Vinay Surendra Yadav & Abhijit Majumdar, 2022. "Blockchain Changing the Outlook of the Sustainable Food Supply Chain to Achieve Net Zero?," Sustainability, MDPI, vol. 14(24), pages 1-21, December.
    11. Hsu, C.-H. & Wang, Fu-Kwun & Tzeng, Gwo-Hshiung, 2012. "The best vendor selection for conducting the recycled material based on a hybrid MCDM model combining DANP with VIKOR," Resources, Conservation & Recycling, Elsevier, vol. 66(C), pages 95-111.
    12. Agrawal, Saurabh & Singh, Rajesh K. & Murtaza, Qasim, 2016. "Outsourcing decisions in reverse logistics: Sustainable balanced scorecard and graph theoretic approach," Resources, Conservation & Recycling, Elsevier, vol. 108(C), pages 41-53.
    13. Abid, Nabila & Ahmad, Fayyaz & Aftab, Junaid & Razzaq, Asif, 2023. "A blessing or a burden? Assessing the impact of Climate Change Mitigation efforts in Europe using Quantile Regression Models," Energy Policy, Elsevier, vol. 178(C).
    14. Nagamani Subramanian & M. Suresh, 2022. "Social Sustainability Factors Influencing the Implementation of Sustainable HRM in Manufacturing SMEs," Humanistic Management Journal, Springer, vol. 7(3), pages 469-507, December.
    15. Heiner Ackermann & Erik Diessel & Michael Helmling & Neil Jami & Johanna Münch, 2024. "Computing Optimal Mitigation Plans for Force-Majeure Scenarios in Dynamic Manufacturing Chains," SN Operations Research Forum, Springer, vol. 5(2), pages 1-35, June.
    16. K. Mathiyazhagan & Srijit Krishnan & Uma Bharathi & Andrea Appolloni, 2021. "Pathways towards reverse logistics adoption in Indian educational institutes: a challenging factors analysis," OPSEARCH, Springer;Operational Research Society of India, vol. 58(3), pages 661-689, September.
    17. Sushil & Kamala Kannan Dinesh, 2022. "Structured Literature Review with TISM Leading to an Argumentation Based Conceptual Model," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 23(3), pages 387-407, September.
    18. Aadarsh Poduval & Maruti Sriram Ayyagari & Mohit Malinda & Vimal K.E.K & Anil Kumar & Jayakrishna Kandasamy, 2022. "Barriers in repurposing an existing manufacturing plant: a total interpretive structural modeling (TISM) approach," Operations Management Research, Springer, vol. 15(3), pages 1315-1340, December.
    19. Yang, Xin & Wei, Luohan & Deng, Rantian & Cao, Jie & Huang, Chuangxia, 2023. "Can climate-related risks increase audit fees?–Evidence from China," Finance Research Letters, Elsevier, vol. 57(C).
    20. Ghadge, Abhijeet & van der Werf, Sjoerd & Er Kara, Merve & Goswami, Mohit & Kumar, Pankaj & Bourlakis, Michael, 2020. "Modelling the impact of climate change risk on bioethanol supply chains," Technological Forecasting and Social Change, Elsevier, vol. 160(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:8:p:3102-:d:1372294. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.