Pharma Companies Tap Startups to Develop Protocol for Tracking and Verifying Prescription Drugs using Blockchain
SAN FRANCISCO, March 23, 2017 /PRNewswire/ -- The goal of the pilot is to build an electronic, interoperable system to identify and track prescription drugs as they are distributed in the United States, in response to requirements from US FDA to better protect consumers by improving counterfeit detection and removal of potentially dangerous medicines.
Blockchain startup Chronicled, which links the physical and digital worlds with cryptographic identity chips and blockchain technology and recently raised $6.25M, and the LinkLab, a life sciences supply chain consultancy, have launched a serialized "track and trace" pilot for the pharmaceutical industry, which is projected to grow to a $1.12 trillion industry by 2022.
The pilot launched at a one-day event in San Francisco, where the startup gathered feedback on the launch of a blockchain-based compliance protocol for that will satisfy the Drug Supply Chain Security Act (DSCSA). Blockchain refers to a distributed, peer-to-peer networking paradigm known for its security.
The event is the first phase of a pilot to develop an interoperable platform for the pharmaceutical industry. Representatives from global pharmaceutical manufacturers, wholesalers, hospitals, and leading blockchain and enterprise IT companies were in attendance.
Chronicled and the LinkLab have partnered to bring a blockchain-supported DSCSA protocol and compliance solution to market. This solution aims to provide the pharmaceutical industry with a less expensive, less cumbersome, and more secure approach to meeting existing regulatory requirements. The project's goal is to develop around GS1 standards and to emphasize data privacy.
"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 Susanne Somerville, co-founder of the LinkLab. She continued, "we are excited to be partnering with a major pharmaceutical player in this first phase."
Upcoming phases will involve multiple players in the pharma supply chain, from manufacturer to pharmacy and hospitals, in order to establish a minimum viable ecosystem. In the future, these pilots may allow the industry to automate the flow of goods, finances, and documents leveraging smart contracts.
"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 Samantha Radocchia, CPO and Co-founder at Chronicled.
About Chronicled
Chronicled, Inc. is a San Francisco-based technology company linking the physical and digital worlds with blockchain and IoT technology. We give encrypted identities to physical objects, from consumer luxury goods to high-value products with secure supply chains. The Chronicled platform helps industries implement interoperable IoT solutions that deliver trust between partners, brand experiences for consumers, and compliance for regulators. In addition to our product offerings, Chronicled is developing an open-source, blockchain-backed registry for the Internet of Things, as well as working with a group of industry leading enterprises and startups to build an open-source protocol for blockchain and IoT. Learn more at chronicled.com and chronicled.org, and follow us on Twitter @ChronicledInc, Facebook, Github, and on our blog.
About The LinkLab
The LinkLab is a unique supply chain consulting group founded to provide life science companies guidance and support to meet world-wide serialization regulations. With deadlines fast approaching, we work to provide companies with innovative approaches to ensure gaps are identified, timelines are met, and business value is realized. The LinkLab formed from observing our industry's progression in establishing electronic management of prescription medicines and seeing a need to do this better. With experience going back to 2008 in planning for California's ePedigree law, The LinkLab principals have for the last four years focused on projects which support the packaging, distribution, and commercial requirements of serializing prescription medicines. To learn more, visit http://www.thelinklab.com/.
For more information, contact:
Chronicled
Rebecca Migirov
Chronicled, Inc.
[email protected]
The LinkLab
Susanne Somerville
The LinkLab, LLC
[email protected]
SOURCE Chronicled
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