An American Institute is partnering with pharmacy services company in creating an innovative blockchain-based technology for cancer patients to get medications, according to Commercial Appeal, a news outlet.
The FedEx Institute of Technology is known as an institution that promotes interdisciplinary research for new technologies that work closely with the research infrastructure of the University of Memphis. With the launching of this Institute in the first quarter of this year, it seeks to transform the University of Memphis as a center of technology and research.
Good Shepherd Pharmacy, a Memphis-based company, is determined to take advantage of blockchain technology to redeem medications that remain unused from cancer patients and send them to the marginalized and disadvantaged patients who cannot afford them.
Using a blockchain, it provides a secure and immutable ledger to enable a safe and confidential distribution of medical data.
Phil Baker, CEO of Good Shepherd Pharmacy, noted in Tennessee alone, more than $10 million annually of cancer medications are being thrown away. He added blockchain is a perfect solution to this problem.
Under the REMEDI (REclaiming MEDicine) project, Baker cited the cancer drugs will be passed on to patients who would benefit them most.
An event is set to call on some blockchain experts and enthusiasts to participate in Good Shepherd’s proposed initiative. This will be in partnership with Blockchain 901, an organization that promotes the tech workforce in the Memphis area.
In May this year, FedEx CEO Fred Smith stressed the value of blockchain as the next frontier that will create a revolution in the global supply chains.
In February, FedEx has worked with the Blockchain in Transport Alliance, a group that consists of rail operator (BNSF), (JD) logistics, and (GE) transportation.
In the previous month, Microsoft launched a blockchain-based pharma project with Ardents, a supply tracking solutions provider. The new project provides an end-to-end traceability and visibility from the starting point of the whole supply chain, enabling users to trace single product items within a case.