US FDA enters partnership with IBM, Walmart, Merck and others to leverage blockchain in the drug market
- 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.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
