Authentag backs DLT for Pharma
March 21st, 2018
Authentag LLC, a SAAS company that provides track and verify services for inventory management, to create a Distributed Ledger Technology (DLT) platform for Pharmaceutical Tracking.
Authentag’s existing platform for medical device inventory control, used by more than 150 manufacturers in 30 countries, has garnered the interest of the pharmaceutical industry who are struggling to comply with regulations from the FDA related to the Drug Supply Chain Security Act. After presenting at a regulatory and compliance industry forum, Authentag has been challenged to apply their knowledge, experience, and expertise to create a DLT solution for the community.
1. Authentag has been focused on improving supply chain controls and tracking since 2014. Their founding team built some of the most complex digital ledger and information control systems in existence, including FDA Medical Devices, Government and Industry physical asset tracking, digital asset tracking and some of the first digital ledger systems for electronic and algorithmic trading in the financial sector, and global secure data sharing platforms for the US and Allied intelligence services.
2. Authentag’s apps are already used in 30 countries to track medical products destined for the US, using the same identifier codes as pharmaceuticals and also regulated by the FDA. Their system patent describes its core approach to building a chain of custody for any uniquely identified physical item. They are uniquely positioned to bring DLT functionality to the entire pharmaceutical industry.
3. At the beginning of 2018, KPMG invited Authentag to present to the industry-wide Healthcare Distributors Association (HDA.org) trade group which is mandated to lead industry efforts to comply with the Drug Supply Chain Security Act (DSCSA). Authentag presented their existing solution and an outline of how a community-owned DLT is the only cost-effective, viable solution for all incoming regulation and internal inventory management needs within the community. The members concluded that a DLT solution was the best solution and tasked solution providers with building it.
With this mandate, Authentag has created a white paper which outlines the DLT solution for Pharma. This solution builds on their existing products, is open for development by all, and will be available for implementation in time to meet the deadlines imposed by the FDA.