US FDA Calls for Blockchain to Authenticate Prescription Drugs

written by

Support free journalists: > send a tip

Blockchain busy American multinational retail corporation Walmart Inc has announced it wants to expand its new tech footprint by developing a proof-of-concept blockchain for identifying and tracking prescription drugs.

Working with the US Food and Drug Administration (FDA)  IBM, Merck and KPMG, the retailing giant is joining a pilot aimed at improving the tracking and authentication of prescription drugs, to ensure the supply chain remains free from counterfeit medication.

The move by Walmart was in response to a statement made by FDA Commissioner Scott Gottlieb back in February of this year when he called for submissions from companies to join the DSCSA Pilot Project Program. He commented at the time:

“Using new innovations, we believe we can improve the overall security of our closed system and improve our ability to prevent the introduction of illegitimate products, better detect the introduction of illegitimate products, and enable stakeholders and the FDA to respond more rapidly when such products are found.”

In June, Merck, Walmart, KPMG, and IBM heeded the call and agreed to work together on the FDA trial using developing blockchain technologies. When one of the largest pharmaceutical companies in the world, Merck, were asked why they agree to join the pilot program they responded that:

“A permissioned blockchain network has the potential to create greater transparency, reduce the time needed to track and trace inventory, help determine the integrity of products (such as whether they are kept at the correct temperature), prevent and remove counterfeit drugs, and more.”

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement

Join our Newsletter

   Advertisement

Latest on Bitcoin News

Video of the Week

Join our Newsletter

   Advertisement