US Food and Drug Administration works with large companies such as IBM to optimize drug supply chains using blockchain

According to technology media ZDNet reported on June 13, the US Food and Drug Administration (FDA) has cooperated with four world-renowned companies to apply blockchain technology to the pharmaceutical supply chain.

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Image source: visualhunt

According to reports, the US Food and Drug Administration has partnered with IBM, Wal-Mart, the well-known accounting firm KPMG (KPMG) and the world's oldest pharmaceutical company Merck to establish a proof of concept (PoC) zone. Blockchain network, sharing and tracking prescription drug distribution data.

The report said the program is related to the US Drug Supply Chain Security Act (DSCSA) to help the FDA and other pharmaceutical organizations optimize the supply chain for pharmaceutical products.

Specifically, participants in the project aim to speed up the process of tracking inventory and provide the accuracy of data sharing and product integrity between members of the supply chain.

Mark Treshock, IBM's leader in blockchain global solutions for healthcare and life sciences, emphasizes that blockchain technology not only provides an effective infrastructure for tracking pharmaceutical products in the supply chain, but also allows for the disclosure of data itself. In the case of tracking contact activities between network participants.

The FDA first announced plans to apply blockchain technology to the digital drug supply chain platform in February 2019, which is expected to be available by 2023.

Cointelegraph recently reported that 44% of medical institutions in Europe are unfamiliar with the benefits of blockchain applications. At the same time, Merck's North American biopharmaceutical business, EMD Serono, recently partnered with blockchain company Nebula Genomics to create a blockchain platform for generating and sharing genomic data.