The IT division of the South Korean group of companies Samsung, under the name Samsung SDS, will start testing a distribution system based on blockchain, which will provide more efficient logistics for pharmaceutical products, informed the local news service Yakup. The pilot project under the name “Breakthrough Innovative Technology for Tracking the History of Drug Dissemination” will be launched in November.
The initiative will provide the service of automatic management of the history of medicines, in order to minimize the manual input, enlist the refunds, and to ensure the safety of sales.
Separate employees of Samsung SDS have declared that several pharmaceutical companies, distributors, and medical institutions in South Korea have already submitted applications for participation in the pilot.
The names of pharmaceutical products, which will be used in the pilot projects, are not yet publicly known, however, it is known that their expiration date is between three and six months.
It is expected that the amount of investments in blockchain solutions in the health sector will grow from $176 million in 2018 to $ 5billion in 2025, and by 2025, 55% of medical companies will use the blockchain for commercial purposes, said Lee Eun Young, a senior research assistant at Samsung SDS.
