United States Food & Drugs Administration will implement blockchain on the drug supply chain. The firm is joining hands with IBM and Walmart to develop this system. The team will also include global pharma company Merck and audit firm KPMG.
The intention of the partnership is to develop a proof-of-concept (PoC) blockchain network. This system will to share, track and record data on the distribution of prescription drugs. It will speed up the tracking of the drugs supply while maintaining the accuracy of data between members of the supply chain.
Earlier in 2019, the FDA had revealed its plan to have a system running on the blockchain technology. It aims to completely ready the system by 2023. According to Mark Treshock, IBM’s global solutions leader for Blockchain in Healthcare & Life Science, blockchain tracks products on the supply chain and also efficiently traces the connection between the participants of the system.
Blockchain has been effectively finding its way into the healthcare domain. Recently, global Pharma Giant Boehringer Ingelheim has announced to launch a blockchain based healthcare network for Diabetic patients.