Popularity of Blockchain technology continue to receive approval from major firm in the US as the nation’s Food and Drug Administration is entering that realm of technology. Reports stating that FDA are working with major companies such as IBM, Walmart, KPMG (Big four Auditor) along with Merk as an attempt to create a blockchain setup that can handle drug supply chain.
The type of blockchain FDA are looking to build is a proof of concept (PoC) network which is expected to share and track any data regarding the distribution of prescription drug. Moreover, this initiative goes hand in hand with United States Drug Supply Chain Security Act (DSCSA) that has the intention on helping optimization of pharma products’ supply chain.
Talking in a more detailed manner, basically all of participants of the upcoming project are aiming to speed up tracking inventory’s process along with providing an accurate data among them. Moreover, the reason in choosing to use blockchain in this setup is because of its ability in providing efficient tracing pharma products in the supply chain while able to track connections between participants without giving away the data itself
Those strong positives of having blockchain technology in the drug supply tracking was made by IBM’s global solution leader for Blockchain in Healthcare and Life, Mark Treshock. He certainly is very excited to see that his company continue to become one of the front runners in this blockchain based technology application.
The idea for this project was first mentioned back in February 2019 and FDA’s hope is that they can official launch the platform sometime in 2023.