Blockchain technology is a disruptive technology that is currently being adapted for many enterprise use cases and as the applications of blockchain technology continues to widen, the pharmaceutical industry remains an optimistic industry with various challenges to provide solutions for. In this literature review, the researchers gathered and examined relevant studies to the opportunities of blockchain in the pharmaceutical industry and the challenges of blockchain performance. The study identified that one of the largest opportunity areas for blockchain in the pharmaceutical industry is within its supply chain. Issues within the pharmaceutical supply chain involve illegal distribution practices, counterfeit drugs, and inefficient drug recall management. With specific challenges and issues identified in blockchain performance, this study proposed the development of a specific blockchain implementation focused on Distribution and Recall transactions within the pharmaceutical supply chain. The proposed system is eyed for a performance evaluation as evaluating the performance of a specific blockchain implementation still yields importance.