The United States FDA has been advised to adopt blockchain technology in its fight against drug trafficking.
FDA Should Use Blockchain for Fight Against Drug Trafficking
The US Food and Drug Administration (FDA) has been advised to leverage blockchain technology to boost transparency within the pharmaceutical sector and to help with its fight against drug trafficking. This message was relayed by MediLedger, a blockchain-powered network designed for the pharmaceutical industry.
MediLedger published a report stating that blockchain technology could boost the agency’s ability to track counterfeit drugs. MediLedger, an FDA-approved Pilot Project, noted that the FDA would be able to trace and track prescription across the country effectively.
The project, which was established in June last year, is a move by the FDA to ensure companies within the pharmaceutical sector comply with the Drug Supply Chain and Security Act (DSCSA). The Act is set to become fully implemented by 2023 and would require stakeholders in the industry to trace and track legal changes in ownership of drugs in the supply chain.
The report mentioned that MediLegder’s blockchain network could help companies and organizations increase transparency by keeping accurate records of prescribed drugs purchased legally. This would make it easy for them to provide quality healthcare services for patients within the country.
The report stated that that without a central point of data sharing, which already exists in many countries, the US supply chain could suffer. This would include maintaining accurate data and having the ability to share data across a wide choice of systems, partners and technical formats. Without the right technology in place, this could mean that if the US is presented with a significant public health crisis, it is likely that the relevant agents and stakeholders will battle to find and quarantine suspect products in a timely manner. As a result of this, patients’ lives will be put at risk.
With the help of zero-knowledge proof technology powered by MediLedger’s blockchain network, the medical industry could be able to achieve full compliance of data privacy and avoid the leak of confidential information. However, the report added that the long-term success of an interoperable pharmaceutical blockchain solution would happen if there are substantial participation and adoption from the various industry stakeholders.
MediLedger’s Blockchain Network to Start With 25 Leading Companies
MediLedger’s blockchain network will start working with the leading companies in the sector. The blockchain was developed and administrated by Chronicled, a San Francisco-based technology company.
The company started collaborating with leading organizations within the industry after receiving approval to run a pilot project. They partnered with 25 leading organizations, including multinational companies like Pfizer, Walmart, and more.
Sussane Somerville, the CEO of Chronicled, was delighted with the partnership with the major companies. “We were able to show that a blockchain solution is feasible to meet the 2023 DSCSA requirements and are privileged to take part in making the US drug supply chain safer for patients,” she stated.Source: Unsplash
Summerville mentioned that the project was built on three leading technologies: zero-knowledge to help with the privacy of messages and data, a blockchain ledger for verifying shared transactions and executing smart contracts, and a private messaging system to enable interaction between the clients and the trading partners within the supply chain.
Blockchain technology is evidently penetrating the various sectors of the economy as it helps with several factors such as transparency, privacy, and security.