Monday, March 30, 2020

Top US Medicine Companies Beg FDA for Blockchain Adoption in Drug Tracking

Elizabeth Jamie
Jamie Elizabeth is a Mass Communication Graduate from the Philippines, knowledgeable in the field of cryptocurrencies, blockchain etc., currently enjoying freelance writing, and able to write anything under the sun.
- Advertisement -

Twenty-six major pharmaceutical companies, logistical, and distributor firms from the United States of America have now joined in one to publish a report demanding the Food and Drug Administration or FDA to approve their request of using blockchain technology on their process of drug tracking.

FedEx, Sanofi, Pfizer, and More Medicine Distributors aim to use blockchain

Leading companies that distribute all kinds of medicine in the US recently published a report explaining how blockchain technology provides a convenient way of tracking pharmaceutical products distributed in the supply chain. 

List of the companies that put contribution to this report are:

AmerisourceBergen, Amgen, APhA (consulting role), Cardinal Health, Center for Supply Chain Studies, Chronicled, Dermira, Endo, FedEx, FFF Enterprises, Genentech, Gilead, GS1, GSK, Hikma, Inmar, Lilly, Maxor, McKesson, Novartis, Novo Nordisk, Pfizer, Sanofi, Vaxserve, Walgreens, and Walmart.

Blockchain technology responds to the need for businesses when it comes to having a more secure, intricate, private, and fast way of putting millions of information in one database. This technology has been the core foundation or building block of Bitcoin and other known cryptocurrencies around the world.

Due to this, it is not at all surprising to see various industries, thinking of making this technology as part of their ecosystem.

FDA’s MediLedger Pilot Project

FDA, reportedly, already have their proposal to have blockchain technology applied in the health sector. With their pilot program called MediLedger pilot project, the agency aims to provide the accurate and enough requirements of giving power to pharmaceutical companies in using blockchain to be sent in a requirement to the Drug Supply Chain Security Act (DSCSA) in 2023. 

The companies said in the report that without the adoption of blockchain technology, medicine distribution would be slower and inefficient. 

“Firms find it difficult to keep data accurately and readily available in a wide variety of formats and systems for partners,” said on the report. “It will be almost impossible for stakeholders and agents to locate and quarantine suspect products quickly, thereby continuing to put patients’ lives at stake.”

Though these medicine companies identified the strengths of using blockchain tech on their services, the companies also mentioned in their reports that this technology still has its associated risks.

However, despite this, the industry believes that blockchain technology still has more advantages than disadvantages and the industry have their vision for blockchain tech adoption soon– not only in the health sector but in all business aspects available now on the market. 




- Advertisement -

Latest News

Phunware Announces the Appointment of Wall Street Veteran Blythe Masters as Board Chair

AUSTIN, Texas--(BUSINESS WIRE)--Phunware, Inc. (NASDAQ: PHUN) (the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions,...

Biscuit, Developer of “EOS Knights” Reveals “Knight Story” Supporting TRON Blockchain

SAN FRANCISCO--(BUSINESS WIRE)--#Biscuit--Biscuit, the developer behind the globally successful blockchain game, EOS Knights, reveals that its new title “Knight Story” supports the TRON blockchain...

The Future of the Contactless Payment Industry, 2020-2025: Rising Demand for Mobile and Wearable Payment Devices –

DUBLIN--(BUSINESS WIRE)--The "Contactless Payment Market by Component (Hardware (PoS and Cards), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance)), Vertical (Retail...

Unstoppable Domains Partners With Opera Browser to Integrate Decentralized Websites

Offers 80 Million Users Access to the Decentralized Web SAN FRANCISCO--(BUSINESS WIRE)--$Crypto #Blockchain--Unstoppable Domains, a software company building domain names on blockchains, today announced a...

Acronis Appoints Candid Wüest as VP of Cyber Protection Research

Noted security expert to accelerate research on new threat trends and comprehensive protection methods SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Acronis, a global leader in cyber protection, today announced...