The FedEx Institute of Technology recently announced its collaboration with a pharmaceutical services company, Good Shepherd Pharmacy. With the purpose of developing a blockchain-based infrastructure to help cancer patients obtain drugs.
The FedEx Institute of Technology is the organization charged with promoting interdisciplinary research into emerging technologies within the company. As such, it operates in conjunction with the research infrastructure of the University of Memphis. It was launched in February 2018 to make the University of Memphis a center for technology and research.
In Memphis, Good Shepherd Pharmacy found in blockchain the platform to recover unused drugs from cancer patients. This would allow these drugs to be passed on to economically disadvantaged patients who would not be able to afford them on a regular basis.
Distributed Ledger Technology (DLT) would allow for the secure and confidential distribution of medical information. Good Shepherd Pharmacy CEO Phil Baker explained:
“In Tennessee alone, over $10 million worth of perfectly good prescription medication gets flushed down the toilet every year. Blockchain is the solution for that problem. The REMEDI project (REclaiming MEDicine) will divert valuable medication into the hands of patients who would not otherwise use it.”
The FedEx company will soon offer an event to attract experts and enthusiastic blockchainers to discuss the Good Shepherd Pharmacy initiative. Blockchain 901, a professional brand that seeks to expand the technology workforce in Memphis, is expected to be present.
In May, Fred Smith, CEO of FedEx, stated that blockchain will be the technology that will revolutionize supply chains worldwide. In February, the company joined Blockchain in Transport Alliance (BiTA), a conglomerate whose members include rail operator BNSF, JD Logistics and GE Transportation.