Based on a recent report, the United States Food and Drug Administration (FDA) is collaborating with four globally recognised companies which includes Big Four auditor, IBM, KPMG, IBM, and the oldest pharma firm in the world, Merck to implement blockchain in the drug supply chain and build a proof-of-concept (PoC) blockchain network to share and track data on distribution of prescription drugs.
The United States Drug Supply Chain Security Act (DSCSA)
The development is connected to the United States Drug Supply Chain Security Act (DSCSA) and it is expected to aid the FDA and other pharmaceutical organisations in optimising the supply chain of pharma products.
The goal of the partakers of the project is to increase the process of tracking inventory and provide the correctness of data being shared between members of the supply chain and the integrity of products.
The leader for IBM’s global solutions for Blockchain in Healthcare & Life Science, Mark Treshock revealed that blockchain technology not only allows an effective basis for tracking pharma products on supply chain but also allows for connection to be tracked between network participants without revealing the data itself.
The plan to start applying blockchain technology to the enablement of a digital drug supply chain platform was first made known in February 2019 and the technology-enabled platform is expected to be launched by 2023.
In other news, a research conducted by IDC revealed that in Europe, about 44% of healthcare organisations have never heard of the advantages of blockchain applications and distributed ledger technology (DLT), out of this only 12 % of those related to the tech in some sense, than 1% out those have a specific blockchain initiative in production, while another 1% have multiple DLT projects.
Meanwhile, the North American biopharmaceutical business of Merck KGaA, EMD Serono has formed a team with blockchain firm Nebula Genomics to create a blockchain platform for generating and sharing genomic data.