Samsung SDS will run a series of pilots in November to test blockchain-based drug distribution management. The aim of these tests is to ensure transparency in the monitoring of drugs.
Yankup said at BioPharma’s Cold Chain Logistics meeting in Seoul, South Korea, Samsung Group’s IT division announced the pilot programs entitled “Disruptive Innovation Technology to Track the History of Drug Distribution”.
Samsung SDS employees also said they have received “multiple” requests for pilot participation from pharmaceutical companies, distributors and even anonymous medical institutions in South Korea.
Lee Eun-young, senior researcher at Samsung SDS, stated that the pilots will take anywhere from three to six months, commenting:
“The drug distribution history management service makes it possible to comply with regulations and innovate the business by implementing specific functions for managing product history, real-time distribution history tracking and reporting. Automatically”.
During the announcement, According to Samsung’s IT arm, the pilots would consist of an IoT-linked service to track temperature history, which will be implemented along with automatic history management for inbound and outbound products. This was chosen to “minimize handwritten input”, review returns and collections, which are supported by a secure database.
If successful, these pilots will be commercialized after passing regulatory compliance domestically and internationally in June next year. Lee told the local media:
“The value of blockchain in the healthcare industry is projected to increase from $ 176.80 million in 2018 to $ 5.61 billion in 2025. By 2025, 55% of healthcare solutions will use blockchain for commercial purposes.”
Daegu, the fourth largest city in South Korea, recently announced plans to devote more than $ 6 million to blockchain and artificial intelligence training.