“KPMG is teaming up with IBM, Merck and Walmart to kick off a new FDA pilot project that explores the use of blockchain to help track pharmaceuticals in the supply chain – an issue that has far reaching health consequences such as keeping counterfeit drugs off the market and preventing medication shortages.”
“The U.S. Drug Supply Chain Security Act (DSCSA) mandates the creation of an electronic, interoperable system to identify and trace certain prescription drugs as they move through the U.S. supply chain – and pharma companies have to figure out the most efficient way to make this a reality before this part of the law goes into effect.”
“Every supply chain is rich in intricacies, and the pharmaceutical sector is particularly complex. Drug makers have a massive challenge given the involvement of protected health information (PHI) like electronic health records, patient claims, doctors’ notes, and even personal data from wearables. Enabling interoperability – or the sharing of this data across different organizations – as proposed by DSCSA is no simple feat.”
“To help address this challenge, we see significant potential in blockchain’s decentralized nature, with data that can be stored and accessed globally within a private, permissioned network. In other words, multiple parties can access the same data in a secure environment and in this case, track pharmaceuticals from the moment they are manufactured to the point of sale.” Read the full press release here.
Source: Bringing blockchain to pharmaceuticals – By Arun Ghosh. KPMG.
