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.