FDA contemplates tracking prescription medicines on the Blockchain
The FDA has quite possibly cracked-on to the potential of the blockchain, at least when it comes to tracking prescription medicines.
The Drug Supply Chain Security Act is a law that gives the food and drug administration more power when it comes to regulating the origin of drugs in the US. What this Act sets out are a number of guidelines and steps to build an electronic, interoperable system that tracks where certain prescription drugs are in the supply chain.
With the current opioid epidemic in the US and the overall reliance on medication, it’s not uncommon for shady under the counter interactions to take place between suppliers, employees, and people who are either addicted to these substances or involved with organized crime. In fact, the argument from that cryptocurrencies empower criminals would be turned on its head with use cases like this. Using blockchain technology to track prescription medicines could ensure that hospitals and health centers are receiving and handing out the correct medicine in the correct quantities. In other words, it will be much harder for medical products to get lost, stolen or tampered with on the journey to consumers.
This tracking system, decentralized or otherwise, will not be put in place until 2023. However, the FDA will be trialing a pilot system in the leadup to the switch and will no doubt be testing and evaluating lots of solutions. We’ll have to wait another three years until we see the initial impact of this tracking system, and even longer for credible results. Overall it’s another example of a large organization taking the blockchain seriously.