- The US FDA will be leveraging blockchain technology to further optimize capabilities within the drug sector.
- Blue-chip companies including the likes of; IBM, Walmart, KPMH, Merck and others will work with the FDA.
The United States Food and Drug Administration (FDA) has announced a partnership with four blue-chip companies to leverage blockchain technology in the drug supply chain according to tech media outlet ZDNet.
The FDA has reportedly teamed up with the likes of; IBM, Walmart, Big Four auditor KPMG, and the world's oldest pharma firm Merck. They are keen to construct a proof-of-concept (PoC) blockchain network, so that data can be shared and tracked on distribution of prescription drugs.
Further within the report it details, the initiative is connected with the United States Drug Supply Chain Security Act (DSCSA) and intends to assist the FDA, as the goal is for optimizing the supply chain of pharma products.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.