Authentag releases new Distributed Ledger Technology within pharmaceutical tracking
In order to protect the identification of pharmaceutical products or parties involved within the distribution of pharmaceutical items, SaaS company Authentag has created distribution ledger technology (DLT) which will adhere to all Food & Drug Administration (FDA) requirements surrounding the use shared data within its pharmaceutical tracking capabilities.
Focused on improving supply chain controls and tracking since 2014, Authentag's existing platform for medical device inventory control and apps are presently used by over 150 manufacturers in 30 countries and has garnered the interest of pharmaceutical companies struggling to comply with new US FDA regulations under the Drug Supply Chain Act (DSCSA).
"Authentag is uniquely positioned to address inventory control in the pharmaceutical community," commented W. Scott Berg, co-founder of Authentag.
"We've used our collective experience to build an innovative tracking technology for the medical device industry.
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"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," added Stuart Corby, co-founder of Authentag.
"Our latest platforms will provide an open source architecture allows members of the pharmaceutical community to develop solutions and improve the safety and security of pharmaceutical products in the US. 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.