The collaboration between Merck, IBM, and KPMG for drug tracing blockchain is now compliant with the recommendations laid down by the U.S. Food and Drug Administration. The drug tracing blockchain was a pilot under IBM’s aegis and was developed to enhance the authenticity of the pharmaceutical supply in the country.
The group submitted its final report to the agency in which DLT-powered blockchain is a solution that dramatically improves the security quotient of the U.S. Drug Supply Chain Security Act (DSCSA). Now, as per the guidelines in the act, the drugs industry must apply stricter e-tracing mechanisms for drug packaging to boost the safety and security of the medicinal transactions.
Drug tracing blockchain brings a more secure supply chain
The blockchain-powered product helps achieve the fundamental safety guidelines prescribed by the FDA. It surpasses the guidelines and achieves far more protection laurels by refining the supply chain mechanism by building enhanced trust amongst the participants.
The trial for drug tracing blockchain built using Hyperledger Fabric started back in 2019. Walmart started experimenting with a blockchain solution for improving transparency in the supply chain. The complex pharmaceutical supply chain is often challenging to update as the numerous entities operate with different procedures.
U.S. pharma industry requires new-gen integrated supply chain mechanism
The pharma distributors and providers are all aligned at various supply chain levels. Also, the numerous participants do not simultaneously qualify for the interoperability guidelines of the DSCSA. Blockchain provides the right integration solution to bring together the diverse participants in the pharma supply chain. The fragmented pharma supply chain is well organized using a drug tracing blockchain that combines DSCSA guidelines.
The drug tracing blockchain further tracks supply transitions and also restricts the private information flow helping various participants remain in touch with each other. The supply chain speed is also improved, which can further boost product safeguards. Recalls can be initiated quickly. Interestingly, many more pilots are in the run to meet the DSCSA program requirements and create a solution that transforms the pharmaceutical industry’s diverse problems.