The global pharmaceutical industry is projected to be worth $1.12 trillion by 2022. While this means a lot more treatments for people’s aches, illnesses and conditions, it also means a lot more counterfeits and potentially dangerous substances.
Blockchain startup Chronicled have launched a pilot for a serialised track and tracing service for prescription drugs as they are distributed in the United States.
The US FDA has issued requirements, known as the Drug Supply Chain Security Act (DSCSA), to better protect consumers from dangerous counterfeit prescription drugs.
Chronicled hope to help big pharmaceutical companies meet these requirements by tracking prescription drug over an interoperable blockchain. This will mean that counterfeit medicines will be more easily identified.
The pilot was launched at a one-day event in San Francisco that was attended by representatives of global manufacturers and wholesalers of pharmaceuticals, as well as hospitals, blockchain and IT companies.
Chronicled describes the event as the first phase of the interoperable platforms development.
“The first phase of this project is to prove that one global pharmaceutical manufacturer can comply with their DSCSA regulatory obligations and meet the 2017 and 2023 requirements,” said LinkLab co-founder Susanne Sonmerville, who have partnered with Chronicled in bringing the solution to market.
The next phase will involve trying to establish a viable ecosystem with multiple participants from all areas of the global supply chain, from manufacture to hospitals.
“We will be working closely with teams at leading enterprise blockchain projects over the coming months to identify the most suitable enterprise blockchain to serve as a data utility for the pharmaceutical industry,” said Chronicled co-founder Samantha Radocchia.