Blockchain technology is becoming more and more interesting for the pharmaceutical industry.
Samsung SDS, the subsidiary of the large electronics group specializing in IT solutions, plans to carry out several pilot tests for the blockchain-supported distribution of drugs in November. The aim of these tests is to make the traceability of drug distribution as transparent as possible.
According to the news portal Yankup , the Samsung Group’s IT arm announced the pilot program called “Disruptive Innovation Technology for Tracking Drug Distribution ” as part of the BioPharma Cold Chain Logistics Event in the South Korean capital, Seoul.
The spokesman for Crypto Sofa is said to have confirmed that „several“ pharmaceutical companies, logistics companies and medical institutions have already applied to participate in the pilot tests.
Lee Eun-young, lead researcher at Samsung SDS, says the tests should take between three to six months. He also explains:
„The drug tracking service will make it easier for companies to comply with applicable legal requirements and to incorporate innovative solutions that enable product-specific management, real-time tracking and automatic reporting functions.“
As part of the announcement, the Samsung IT subsidiary disclosed that, among other things, a temperature measuring device connected to the Internet of Things (IoT) is being used for the tests, as well as a control element for the automatic recording of incoming and outgoing goods. This is intended to “minimize handwritten processing”, and returns can be verified automatically.
If the pilot tests are successful, the system is to be released for the market, although it must first obtain national and international approvals, which is expected to last until June 2021.
Finally, Lee emphasized the great potential of blockchain technology to the media:
According to forecasts, the added value created by the blockchain for the healthcare sector will increase from 176.8 million US dollars in 2018 to 5.61 billion US dollars in 2025. By 2025, 55% of all IT solutions should be in the Healthcare work with blockchain. “
Not only the health industry, but also South Korea is increasingly relying on the innovative technology. Daegu, the fourth largest city in South Korea, has announced that it intends to invest 6 million US dollars in blockchain and artificial intelligence .