MCLEAN, Va., March 21, 2018 /PRNewswire/ -- Authentag, LLC – an SAAS company that provides track and verify services for inventory management – has announced the creation of a Distributed Ledger Technology (DLT) to be used in pharmaceutical tracking. Authentag's existing platform for medical device inventory control is used by more than 150 manufacturers in 30 countries and has garnered the interest of pharmaceutical companies struggling to comply with new U.S. Food and Drug Administration (FDA) regulations under the Drug Supply Chain Act (DSCSA).
"Our team of experts at Authentag is uniquely positioned to address inventory control in the pharmaceutical community," said W. Scott Berg, co-founder of Authentag. "We've used our collective experience to build an innovative tracking technology for the medical device industry. Our founding team has built some of the most impressive digital ledger and information control systems used across a wide range of industries, the U.S. government, and our nation's intelligence agencies."
"We've been fortunate to have great support from the pharmaceutical industry, who keep impressing on us the need to have a working solution running and in compliance with the FDA by November 2019," said Stuart Corby, co-founder of Authentag. "Our latest platforms will provide an open source architecture allows members of the pharmaceutical community to develop their own solutions, improving the safety and security of pharmaceutical products in the U.S. Through our blockchain-based technology, we will improve overall healthcare outcomes for patients."
On January 31, 2018, KPMG invited Authentag to present to the Healthcare Distributors Association (HAD), a trade group which represents 98 percent of the pharmaceutical industry. Based on Authentag's long track record of success, Authentag presented the company's existing solution and an outline of how a community owned DLT, or blockchain-based technology, is one of the only cost-effective and viable solutions for all incoming regulation and internal inventory management needs within the community. At the conclusion of the meeting, HDA members tasked Authentag with building a new DLT platform.
Since the January meeting, Authentag has begun work to apply the company's existing expertise in DLT systems to allow full life-cycle tracing for the pharmaceutical industry, a $450 billion USD marketplace. Authentag expects a platform available for trial use in less than 200 days.
Authentag's Senior Team:
Stuart Corby - Founder
Hyundai's Hdac - Technical Advisor: $258 million USD TGE. A blockchain engineered for IoT devices
SEP Sprint - Secure Printing Company; Director; Postage stamps for multiple countries
UBS's Asian electronic trading platform; Architect and Business owner
W. Scott Berg - Founder
ATA - Created secure data sharing platform. All US and Allied Intelligence Services
Berg Capital - Managing Partner, early stage investment
Navy F-18 Fighter Pilot; Weapons & Tactics Instructor
Rob Torti - COO
AlixPartners - Turnarounds & Restructuring, Advised: GM, Kodak, AIG and General Growth Properties
Chaac Venture: Investor / Advisor to tech startups
Credit Suisse: Electronic Trading OTC